Charity Reglstration No. 11348591SC039721 Company Registration No. 07127101 (England and Wales) REPORT OF THE TRUSTEES AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 FOR NATIONAL RHEUMATOID ARTHRins SOCIETY NATIONAL RHEUMATOID ARTHRIMS SOCIETY LEGAL AND ADMINISTRATIVE INFORMATION Tru5tee5 Mr R Bains Ms H Béll ITreasurerl Ms R Campbell Mr S Cijlins (Choirl Mr R Flowerdew (Deputy Chairl Professor P Toylor Ms R Ulyett Mrs A Wo&f M5 C Ward M5 M Ward CEO Mr P Foxton Charity number 11348591 SC039721 Company number 07127101 Regisiered oflice Suite 3. Beechwood Grove Business Park White Waltham Maidellhead Berks SL6 3LW Auditurs Mwre Kin8Ston Srnith LLP The Shipping 8uildin8 The Old Vinyl Factory Blyth Road H3yes U83 IHA Bankers HSBC 35 High Street Maidenhead 61JQ NATIONAL RHEUMATOID ARTHRITISSOCIETY CONTENTS Page Trvstees, report 1-12 Statement of Trustees. responsibilities 13 Statement 85 to disclosure to our auditors 14 IndepÈrtdent auditors. rep 1>19 Consolidated Statèment of flnancial actimties 20 Cornpany Statement of financi31 actniities 21 Consolidated and Compony Balance Sheets 22 Consolidated Staternent of Cash Flows 23 Notes tc the ac£ount5 24-38 NATIONAL RHEUMATOID ARTHRITIS SOCIETY TRUSTEES. REPORT (INCLUDING DIRE￿oR5, REPORn FOR THE YEAR ENDED 31 DECEMBER 2025 Truslee Report 2025 The Trustees present their report and audited consolidated accounts for the year ended 31 December 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice ISORPI"Accounting and Reporting by Charities" IFRS 1021 in preparing the annual report and financial statements of the Charity. The accounts have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the Charity'5 governing document, the Charities A¢t 2011, the Compantes Act 2006 and "Accounting and Reporting by Charities: Statement of Recomrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of lieland IFRS 1021 leffertive l January 2015 as updated in 20191. Chair's Report 1am pleased to present the 2025 Annual Report, which reflects a fijrther year of commitment, service and impact. NRAS exists to inform and support people living with Rheumatoid Arthritls IRAI and Juvenile Idiopathic Arthritls IJIAI. and throughout the year the organisation has continued to deliver this purpose through the professionalism, dedication and generosity of its staff and volunteers. Their work has ensured that beneficiaries accessing our services feel supported, valued and Safe. On behal* of the Board of Trustees, I would like to thank all those who have contributed their time. ski115 and expertise during the year.. their ongoing commitment remalns central to the charittys ability to achieve its objectives and ijeliver public benefit. Significantly, 2025 saw the launch of our new three-year strategy. This began life with a substantial program of stakeholder engagement in which we canvassed the views of staff, volunteers, healthcare professionals, commissioners and most importantly people living with RA and JIA. The resulting strategy has created clear organi5ational goals based around four key theme5; informing and educating, supporting and empowering, campaigning and research, and funding and resilience. Through delivering it we aim to dramatically increase the number of people we reach both directly, through engagement with our services. or indirertly through our influencing work and as we provide an important patient voice in research. The new strategit goals are embedded in our future business plans and we are already taking steps to realise our ambitions by introducing a new healthcare engagement Manager role and updating our young people and families strategy. For people Iwing with RA and JIA, and their loved ones, the healthcare environment remains challenging. Rheumatology departments are still wrestling with workforce shortages leading to services becoming increasingly stretched. For those awaiting diagnosis delay5 are still common and more needs to be done to raise awareness of symptoms both with the public and with primary caie providers. Our survey of services in Wales, published in April 2025 highlighted some of these problems with over half of those recentty diagnosed having to See a GP at least three time5 prior to diagnosis. The survey also highlighted the lack of signp05ting to services provided by patient organisations, like NRAS. With the NHS 10-year plan and its focus on prevention and community- based Care it has never been more important that people have access to high quality evidence led support and education. NRAS, with its Helpline, Right Start programme and online educational tools is well placed to provide this. NATIONAL RHEUMATOID ARTHRlllS SOCIETY TRUSTEES, REPORT (INCLUDING DIREcfoR5' REPORTI FOR THEYEAR ENDED 31 DECEMBER 2025 Financially thls has been another positive year for the organisation. It's good to See that our focus and investment in fundraising have led to a significant increase in income over 2D24, despit¢ a fall in leÉacy receipts and money frorn pharmaceutical companies compared to the previous year. Thts has been driven by a significant increase in Trusts and Grants incorne, including the first year of the multi-year funding from the National Lottery Cornmunity Fund and significant contributions from Garfield Weston Foundation and The Clive Garner Memorial. Costs a150 increased, driven partially by the effects of increase in National Insurance contributions as well as other inflationary pressures. Consequently, the organisation Closed the year with a modest net gain of £34.Ik, which was an improvement on the level originally budgeted, leaving NRAS well placed to deliver its strategic objectives in the corning years. Finally, I would like to thank two individuals who have recently stepped down from their roles and made significant contributions to NRAS. Helen Ball, Finance Director for seven years, strengthened our finance systems, governance and IT infrastructure, leaving NRAS in a stron8 financial position. I would also like to thank Professor Peter Taylor, who served voluntarily as Chief Medical Advisor for over ten years, and played a key role in campaigns that significantly improved outcomes for people living with these conditions. Simon Collins Chair of Trustees NATIONAL RHEUMATOID ARTHRITIS SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2025 Our purpose and activities Guidance from the Charity Cornmission has been used to review and develop NRAS'5 aims and objective5 SO that activities are clearly focused to derive good public benefit. Objectives and activities The objects of the Charity (the "Objeets'l are for the public benefit to promote the relief of people livrnB with Rheumatoid Arthritls IRAI and Juvenile Idiopathic Arthritis IJIAI by.. Raising awareness and understanding of RA and JIA, including awareness of the severity of the diseases and their social and economic cost5,' Providing information on RA and IIA, including information on their treatments and drugs available; Advancing all aspects of the care and treatment of RA and JIA and the management of these diseases in their totalitv,. Providing edueation on the diseases generally and to individuals and their families and carers in all aspects of RA and JIA, including their treatment and management, and providing information about available support; Supporting individuals across the UK in relation to RA and JIA and their families and carers, including putting people in touch with each other to encourage 5elf-help and support where appropriate,. Working alongside NHS rheumatology health professionals across the UK to provide the best care for patient5 a5 well as 5UPPOrt the clinical staff in their role5. Our vlsion and purpose Our vision 15 a future where everyone with RA and JIA can thrive. Our purpose Is to inform and support people with RA and JIA and campaign for improvements to care and treatments. We will achieve our vision by focusin8 on four main areas of work.. Informing and Educating.. to greatly increase understanding of RA and JIA and the number of people accessing our 5eNices Supporting and Empowering.. to support more people people to safely self-rnanage their health by improving the relevancy, accessibility. visibility and reach of our services Campaigning and Research.. to support research and campaign to improve access to high quality care and treatments Raising funds and building a resilient organisation.. to build a strong organisation that raises more money from diverse sources to meet the need5 of pat￿entS Our principal activitie5 We are committed to providing support, evidenced-based infomiation, seNices, education, carnpaigning and patient advocacy of the highest quality to, and on behalf of all, those affected by RA and JIA across the UK as well as their families. We also support health professionals in the field of rheumatology and primary care through the provision of free Healthcare Professional membership of NRAS and access to a free patient referral programme and information so that we can help them to help their patients. NATIONAL RHEUMATOIDARTHRITIS SOCIETY TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORn FOR THE YEAR ENDED 31 DECEMBER 2025 Our front-line services include- A Helpline which operates 30 hours per week and is manBged by a team of Six collea@ues.' An online peer support community,. Local and virtual groups,. A peer-to-peer telephone support programme,. A supported self-management modular e-learning programme,. Information booklets,. Websites packed with information and downloadable resources; Patient events (both in person and virtually) A membership scheme Living with RA and JIA is not just about having physical and medical needs. These incurable diseases have a huge impact on emotional wellbeing and quality of life on both the individual and their famity. We will continue to strive to help people by supportin6 all their needs in a holistic way whether physical. medical, emotional, mental, social, economic and/or employment related need5 as well as those relating to access to benefits. We are at the table at a national level whenever standards and Buidelines, RAIJIA pathway5 and access to treatment are being discussed. We conduct our own social research and publish key reports on a topic of importance to people with RAIJIA periodically. Translational scientiflc and medical research has revolutionised the field of auto-immune conditions such as RA and IPA in the last few decades and whilst we do not fund medical research ourselves, we do support a growing number of academic and clinical research studies throughout the UK on an ongoing basis. We abo support recruitment to clinical studies and provide expert volunteers to advise on issues of Patient and Public Involvement. In 2025, we started work on designing a range of short educational module5 to complement our online educational programme. SMILE RA. These videos aim to present the key highlights from each of our modules in an infomiative way and will a¢ce55ible on variety of digital platforms. We also ran an awareness campaign to encourage more health professionals to utilise the SMILE modules for patient education by signposting people living with RA to register for the programme. In addition, we undertook a change programme on our Right Start se¢vice which provides information and advice to those newly dia8nosed through a one-to-one telephone consultation. Thi5 included improvinE the way people book an appointment, improving the call waiting facility and preparing to introduce full translation setvices in 2026. We launched two updated publications in 2025, 'Stress Matters, and 'Relationships Matters,. We also began work on a new publication on Menopause and RA including holding focus groups with patients and collaborating with other leading charities in the field. This publication was released in February 2026 In April 2025 we published our report into Rheumatology services in Wales. Thi5 report highlighted concerns about the time to diagnosis for people living with RA, the lack of signposting to patient organisations for support with self-management and that people living with the condition believe that their disease is unstable and could be better controlled. We continue to use th￿ report in advocating for improvements to services in Wales and have seen significant improvement in referral to our Right Start programme from Welsh rheumatology teams. NATIONAL RHEUMATOID ARTHRITIS SOCIETY TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 31 DECEMBER 2025 Achievements. performance and finantral review Total Income.. £1.71m f2024.' £1.54m) How we raised our money É9(NJk E800k 739.9k E700k £600k £489 7k E500i E4￿k É300k £200k E1￿k E56 8k £8 Ik £Ok 2024 w2025 Overall income was vp by Il% on 2024. The year's performance was again boosted by legacy bequests where reported income reached £739.9k, representing over 43% of the Charity'5 total Income. Whilst this reported legacy income was a drop of over 6% on prior year it was still our 5econd-best legacy performance ever and reflects the trend we have seen in recent years for larger individual bequests. We remain immensely grateful to our very generous benefactors whose gifts enable us to continue to invest in our 5eJvices and deliver new innovations which are so needed especrally as we enter a health environment more focussed on delivering services digitallv. Income from donations and gifts was £489.72k, a welcome Increase of 8% on 2024 that reflects work commenced in 2025 to reverse a trend of falling regular giving. These figures also include funds received from pharmaceutical Companie5 who manufacture and market medicines for RA and/or JIA. This income amounted to £96.5k In 202512024.. £121.6kl, equating to 5.6°A of total income (down from 7.9% in 20241. We consider all donation5 and partnerships with pharmaceutical companies carefully and work within the accepted code5 of practice set down by the Association of the Brit15h Pharmaceutical Industry IABPII. As well as helping to fund the core services that we deliverto our beneficiaries. these relationships provide NRAS with acce55 to important information about clinical trial data and help to inform and educate our team members on RA and IIA. As a key expert partner NRAS contributes to advisory boards and employee training, as well as providin@ support in the development of their own patient-facing support resources. NATIONAL RHEVMATOIDARTHRITIS SOCIETY TRUSTEES, REPORT IINCLUDING DIRECTORS. REPORn FOR THEYEAR ENDED 31 DECEMBER 2025 The Charity also operates a membership scheme for those livin8 Wlth RA or JIA, their families and health care professionals which provides monthly newsletter5, a bi-annual magazine fvll of interesting articles and information and two online meeting5 a year Income from the membership scheme totalled E75.8k in 202512024.. £81.3kl. Support for NRAS was also received through grants from trusts and foundations and in 2025 thi5 amounted to £299.4k12024'. £105.3kl, representing a 184% increase. Of this, we @ratefully received £134.7k from the National Lottery Community Fund which relates to the first year of a three-year grant totalling £404,692,. £50k from Garfield Weston and £50k from Clive Garner Memorial Trust. We would also like to express particular thanks to the following organlsations who all donated £2,000 or over.. Joseph Strong Frazer Trust. Lady Hind,. Parker Foundation,. Hospital Saturday Fund. Ludlow Trust CM Lowe CT,. Colefax Charitable Trust,. VandeNell Foundation. loan Ainslie Trust,. Derek Draper Trust,. Tula Trust,. JW Patterson. We continue to work with academic partners, pharmaceutical companies or other organisations in the field of Social research to help develop and deliver new services to best meet the needs of all those we serve as well as campaign to effect change with government, the NHS and those who commission health and social care seNices. In 2025 income generated from research activities totalled £21.5k12024'. £16kl. All income reteived through fundraising in 2025 contributed to enabling the Charity to provide a full programme of resources, activities and support which benefits those living with RA and IIA in the UK, their families, schools and the healthcare p¥ofessionals who care for them. NRAS would like to acknowledge and thank all the individuals, companies, trusts and foundations that have supported our work this year. NATIONAL RHEUMATOIO ARTHRITIS SOCIETY TRUSTEES, REPORT IINCLUDING DIREcfoRS' REPORTI FOR THE YEAR ENDED 31 DECEMBER 2025 Totol expenditure £1.77m {2024.' £1.57mJ Overall expenditLJre in the year increased by 12.3% to £1.77m. Of this total amount, £332.9k was spent on raising funds compared to £304.7k in 2024. A totsl of £1.44m12024.. £1.27ml was spent on our charitable activities delivering our full range of seNices. How we spent our money E600k £485.8k £494.4k £5001( E4lOOk £3QOk £238.7k E200k £149.4k £67.3k Ok Raisins awaienes5 support 2024 •2025 Average full-time equivalent employee numbers totalled 29, an inerease of 3.0 since 2024 with employment C05t5 rising by 17.9% reflecting the creation of new posts, employerf5 National Insurance rises from April 2025 (from 13.8% to 15%) and the annual cost of living increases awarded to all staff. The Charity reported a consolidated net surplus of £34.Ik in 2025, up from £26k In 2024. The Charitws wholly owned trading subsidiary, NRAS Commijnity Services Limited. was largely dormant in 2025. The tompany reported a £lk net loss on its activitie5 in 2025. Bolonce sheetshows net assets of£2.08m Net assets in the year increased by £34.Ik reflecting.. Gains on revaluation of investment5 of £88.8k, representing a 8.1% growth in the fund A decrease of £132k on cash at bank and short-term investments including £33.6k transfer to nvestments An increase of £77k on fixed a55ets and other cur￿nt assets, primarily reflecting an intrease in accrued legacy income. A £20k provision for building dilapidation costs NATIONAL RHEUMATOID ARTHRITIS SOCIETY TrUSTEES' REPORT (INCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 31 DECEMBER 2025 Rese￿eS pollcy Unrestrlcted. undesignoted reserves totL711ed£l.Im ot the end oAthe year Unrestricted, undesignated reserves as at 31 December 2025 totalled £1,129k12024: £1,099kl gniing rise to an operating cost coverage of 7.66 months12024.' 8.371. The Ch2ritWs reserves policy requires that it holds a minimum of Six months, operating costs in reserves which at 31 December 2025 amounted to £883k12024.. £787kl. This leaves free reserves a5 at 31 December 2025 of £245k12024.. £311.Okl. Free reserves are defined as unrestricted funds which have not been earmarked and may be used generally to further the charitls objectives. As in previous ye31S, the Charity continues to set aside designated ￿serveS to support the continued delivery of its core services forthe upcoming period and to cover potential investment1055e5. These designated funds in aggregate amounted to £415.6k as at 31 December 2025. The Board continues to set aside additional furnds which are designated for service development1£236.8kl, extensive awarenes5 raising campaign51£91.8kl and an estate development fund I£IOOkl bringing total designated funds to £844.2k12024= £925.2kl. Restricted funds, relating to the National Lottery Community Fund grant and the Scottish Survey, increased from £20.Ik as at 31 December 2024 to £104.5k as at the end of 2025. How our reserves are allocated 2,5￿,000 2.000.0(M) 1.5W.000 i.wo,000 500.0 2024 202S We will work hard to ensure that our ftJnds are used judiciously so that we return the biggest beneflt to our beneficiaries for each pound invested. We will continue the expansion of our services to make them more inclusive. broaden our digital offerings as well invest in campaiEns to raise awareness of RA and JIA. NATIONAL RHEUMATOID ARTHRITIS SOCIETY TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2025 Going concern The charity contlnues to prepareAinonciolstqtements on the bosis thjt it going concern. Our healthy cash balance and investment portfolio means that we have sufficient liquidity to ensure that we can meet our future obligations a5 they become due for the foreseeable future. Fundraising pra¢tlces The charity complies with the regulatory standards for fundraising. We are registered with the Fundraising Regulator and are committed to the Fundraising Promise and adherence to the Code of Fundraising Practice. This repc>rt covers the requirements charities must follow a5 Set out in the Charitie5 Act 2011 and the Charities Social and Protection Act 2016. Our fundraising effort involve5 encouraginE donations through a variety of events, applying for funds from grant-making bodies and operating a weekly lottery. Our fundraising team comprises paid employee5 only and we do not use the 5etvices of any professional fundraisers. All direct marketin6 is undertaken by the fundraising department to ensure that it 15 not unreasonably intrusive nor persistent. All marketing material contains clear instructlons on how a person can be removed from mailing lists. We operate our lottery compliantly under licence from our local authority and all administration 15 handled by a certified External Lottery Manager with the Gambling Commission. Our website outllnes our complaints policy for the public and clearly explain5 how an individual can complain. We received no complaints this year in relation to fundraising activities. We have published our vulnerable persons policy on our website. In addition to our policy we have an agreed operating procedure to protect vulnerable people. Our fundraisers, who are all paid employees, are famillarised with the code of conduct to ensure that it is applied properly. Investment Policy and Objectives Longer-term asset5 are invested with the aim of at least maintaining the real value of capital li.e. against inflationl within an appropriate risk profile. The Charwt¢s investment objectives are to Invest for the long-term Ifive years plus) in a diversified portfolio ensuring that there ￿ sufficient liquiditv available to fund any shortfalls or unfunded commitments. Investments are managed by external professional fund managers as permitted by the relevant acts and the charity commission guidelines. The Charity aims to be a responsible investor and its piofessional fund managers are expected to take account of Environmental, Social and Governance IESGI Issues in their investment analysis and decision-making process and to engage with trustees when appropriate, includin8 the provision of periodic reports covering ESG issues. Investment performance reports are received quarterly from the fund managers and the Trustees review performance annually with the fund managers. NATIONAL RHEUMATOID ARTHRITIS SOCIETY TRUSTEES, REPORT (INCLUDING DIRE￿oRs. REPORTI FOR THE YEAR ENDED31 OECEMBER 2025 Future plans The Trustees approve and adopt strategic plans for the Charity every three years and detailed budgets are prepared annually to support these initiatives and demonstrate how the objectives will be delivered within the constraints of predicted hjnding available. The budget is reviewed on a quarterly basi5 and appropriate management decisions are taken in light of any material forecast variances. The Charity published its 2025- 2028 Strategy during the year. It sets out how the Charity aims to increase its reach and be able to offer support and advice to more diverse communities. Work is already underway to extend and enhance our service provision and to improve awareness of RA and JIA in the wider community. We expect to continue to work collaborativety to remove barriers to being able to access the right treatment, at the right time in the right place, provided by the right profe55ional. We will continue to work to reduce discrimlnation within the workplace and the wider society towards people with Inflammatory arthritis. We will also champion the best evidence-based healthcare provision no matter where in the UK someone lives and we will Support all those who work within the health service to provide the best holistic care without being hampered by a system with prevents them from athieving this. Structure* governance and management Governing document The Charity is tontrolled by its governing documents, the memorandum and articles, and constitutes a limited by guarantee company as defined by the Companies Act 2006. The Charity is a company limited by guarantee and does not have any share capital. None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 each in the event of a winding up. Trustees The Trustees, who are also the directors for the purpose of company law, and who served during the year and to the date of approval of these accounts were.. MrR Bains Ms Helen Ball (TreaSu￿rI (appointed l March 20261 Mr RA Boucher Iresigned 18 March 20251 Ms R Campbell lappolnted 20 January 20261 Mr S Collins (Chairl Mr R Flowerdew (Deputy Chairl Mr J D Jordan (resigned 12 November 20251 Professor P Taylor Ms R Ulyett lappointed 25 November 20251 Ms C Ward Ms M Ward lappointed 3 October 20251 Mrs A Woolf NATIONAL RHEUMATOID ARTHRITIS SOCIETY TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2025 As set out in the articles las amended in jU￿e 20191, Trustees are required to ¥etire after thiee years in office. A retiring trustee shall be eligible for re-election. Mr S Collins, Professor P Taylor and Mrs A Woolf therefore retired from office at the AGM on 17, June 2025 and sought re-election. Mr S Collins had served nine years at the time of hi5 retirernent this year but agreed to Stand for re- appointment to ensure that there can be an effective handover to a new Chair in due course. All three trustees were duly re-elected, including Mr S Collins to continue as Chair. Trustee indurtion and training New Trustees are briefed on their legal obligations under Charlty law, the content of the constitution and decision-making process, the business plan and recent financial performance of the Charity. As part of the process they meet key employees and other Trustees ènd may attend additional, relevant external training as required. Organi5ation The body of Trustees consists of not fewer than four and no more than twenty trustees and administers the Charity through the Senior Executives. Related parties and co-operation with other organisations None of our trustees re￿iVeS remuneration or other benefit from their work with the charity. Any connection between a trustee or senior manager of the charity with a supplier or other party with which the Charity transacts must be disclosed to the full board of trustees. In the current year no such related party transactions were reported. Pay policy for senior staff Remuneratlon for key management personnel is benchmarked against the voluntary sector and is set by the Trustees. The pay of senior staff is reviewed annually and normally increased in accordance with average earnings. NATIONAL RHEUMATOID ARTHRITIS SOCIETY TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 310ECEMBER2025 Risk management The trustees hove o risk managementstrotegy including oformal risk evuluation which is curried out eoch year. Risk Category Financial performance and resilience Significant reduction in income streams and cashflow due to economic Climate could affect the future viability of the Charlty Miti ation and Actions Fundraising strategy focusing on provision of regular, predictable. unrestricted income streams Annual budget setting process and quarterly reviews with focus on cash flows and financing of operational plans Monthly management accounts detailing key performance indicators and reserves coverage Protecting the Charitvs asset5 Market fluctuations caused by economic instability could negatively impact our investment portfolio and reduce the financi31 assets available to the Charity. Investment policy is set so as to maintain an appropriate and prudent risk strategy Investments are managed by qualified external advisers Maintalnlng a stable team Competitive recruitment markets resultin8 in high levels of vacancies could impact our abllity to deliver our full range of core services and lead to over-reliance on key members of the team Regular benchmarking of remuneration packages to ensure competitive within the charity sector Continue to prioritise staff wellbeing to maximise retention Work continues on succession planning IT Securlty Failure to ensure integrity and security of data could lead to data loss or theft, potentially resulting in fines, reputational damage and irnpact delivery of our core services Data integrity and governance including GDPR Failure to meet our regulatory obligations could lead to fines, reputational damage and impact delivery of our core services Attracting and retaining Trustees Failure to attract trustees with a range of ski115 could affect the future viabllity of the Charity Engagement of third party IT consultants to manage our IT systems and controls PenetrBtion testing conducted and training in place to alert staff to potential scams. Appointment of third party data protection specialists to identify and monrtor risks and ensure compliance with regulations Continue to work with our network of partt)ers and colleagues to identify sultable candidates NATIONAL RHEUMATOID ARTHRITIS SOCIETY TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED 31 DECEMBER 2025 Auditors Moore Kingston Smith acted as auditor5 to the charity for the year ended 31 December 2025. The trustees will consider the appointment of auditors for the forthcoming financial period. Trustees, responsibilities in relatlon to the financial statements The Trustees, who are also the directors of National Rheumatoid Arthritis Society for the purpose of company law, are re5pon5ible for preparing the Trustees, Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to Prepare accounts for each financlal year which 6ive a true and fair view of the state of affairs of the charity and of the incoming resource5 and application of resources, including the income and expenditure of the chaiitable Company for that year. In preparing these accounts the Trustees are required to- Select suitable accounting policies and then apply them consistently- Observe the methods and principles in the Charities SORP IFRS 1021,. Make judgments and estimates that are reasonable and prudent. State whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements,. and Prepare the accounts on the going Concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the aecounts comply with the Companies Act 2006, the Charities and Trustee Investment (Scotlandl Art 2005 and the Charities Account51Scotlandl Regulations 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance ènd integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statement5 may Lliffer from legislation in otherjurisdictions. NATIONAL RHEUMATOID ARTHRITIS SOCIETY TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED310ECEMBER 2025 Statement as to disclosure to our auditors In so far as the trustees are aware at the time of approving our Trustees, annual report.. There is no relevant information, being info¥mation needed by the auditor in connection with preparing their report, of which the group's auditor is unaware, and The trustees, having made enquiries of fellow trustees av)d the group's audttor that they ought to have individually taken, have each taken all step5 that hel she is obliged to take as a trustee, in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that informatlon. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in otherjurisdictions. S Collin5 Chair of Trustees H Ball Treasurer/ Trustee 16" June 2026 16, June 2026 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE NATIONAL RHEUMATOID ARTHRITIS SOCIETY Opinion We have 3udtted the financial ststemeFrt5 of National Rheumat(Jid Arthritis Society Ithe 'Pa￿rtt charitable company'l and its subsidiary (the 'group'l for the year ended 31 December 2025 which comprise the Consolidated StsEement of Financial Activities. (including the Consolidated Summary Income and Expenditure Account), the Group and Parent Charitable Company Ba5ance Sheets, the Consolidated Statement of Cash Fk)w5 and notes to the financral statements, including significant acrounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards. including Financial Reporting Standard 102 The Financial Reporhng Stsndard applicable in the UK and Republi£ of Ire13rtd IUni*d Kingdom Generaljy Accepted Accounting Pratti￿1. In our opinion the finan¢ial Statements: glve a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 December 2025 and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance wtth United Kingdom Generally Accepted Accounting Practice: and have been prepared in aC£Ordan￿ with the Companies Act 2006, the Charitres and Trustee Investment Iscotlandl Act 2tK)5 (as amended), regulations 6 and 8 of the Chartknes Accounts 1Scotl3ndl Regulations 2006 las amendedl and the Charities Act 2011. Basis for opinion We conducted our audrt in accordance with Internatronal Standards on Audtling IUKI11SAs IUKII and applicable law. Our responsibilitres under those Standards are further described in the Audrtor's ResponsibilFties for the audit of the financial ststements Se￿70n of our report. We are independert of the charitable company in accordance with the ethical requirements that are relevant to our audtt of the linanci31 statements in the UK, including the FRC'S Ethical Standard. and we have fuFlilled our other ethical respon5ibilitie5 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 Condusions relating t¢ going concem In auditing the financial statements, we have concluded that the trLSStees' use of the going concern basi5 of accounting in the preparation of the financial staternents is appropriate. Based on the work we have performed, we have not identified any material uncertaintFes relating to events or condttions that, individually or collectively, may cast signthcant doubt on the group's and parent charitable company's abiltty to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responslbllrttes and the responsiblltties of the trustees wf(h respect to gorng concern are described in the relevant seLtion5 of this report. INDEPENDENT AUDITOR'S REPORTTO THE MEMBER5AND TRUSTEES OF THE NATIONAL RHEUMATOID ARTHRITIS SOCIETY The other information comprises the information included in the annual report, other than the lin3nckil statements 3$1d our auditorfs report the￿0￿. The trustees are responsible forthe other informaDon contsined in the annual reporL Our opinion on the fin3n¢ial statements does not cover the other inforM￿lon and, except to the ￿ent othe￿iSe explicitly stated in our report, we do not express any form of assuran￿ conclusion thereon. Our responsibility is to ￿ad the other information and, in doing so, consider whether the other information is materially inconslstent wilh the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be mater￿lIty misstated. If we identtfy such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material mr5ststement in the financial 5tstements themsetve5. If. based on the work we have performed, we conclude that there is a material mi55tatement oFthis other irtforrn*ioD. we are required to report that fact. We have nothing to report in this regard. Opinions on ¢)ther matters prescribed by the Companies Art 21106 In our opinion, based on the work undertaken in the course of the audit.. the information gtven in the trustees, annual report for the financial yearfor which the financial statements are prepared is consistent wrih the financial statemerrts- and the trustees, annual report has been prepared in accordance with applicable legal requirements. Matters on whlth we are required to report by exceptEon In the light of the knowledge and understanding of the group and parent charitable company and their environment obtalned in the course of the audtt, we have not identified material misst*ements in the trustees. annual report. We have nothing to report in Te5pert of the following matters where the Qjmpanies Act 2006, the Charities A¢counts15cotlandl Regulations 2006 las amended) and the Chartties Act 2011 requi￿ us to report to you if, in our opinion- the pa￿￿t Char￿ble company has not kept adequate and SLffli£ient accouwrting records. or returns adequate for our audlt have not been received from branches not visited by us,. or the parent charitable cornpany's financial ststements are not in agreement with the accounting records and returns. or certain disclosures of trustee5' remuneration specffied by law are not made- or we have not received 311 the rnforfflation and explanations we ￿QU[le for our audit. or the trustees were not entitled to prepare the financial statements in accordan￿ with the small companie5 regime and tske advantage of the small compan￿S exemption in preparing the trustees, annual report and from preparing a strategic report. INDEPENDENT AUDITOR'S REPORTTOTHE MEMBERSANDTRUSTEES OFTHE NATIONAL RHEUMATOIDARTHRITIS SOCIETY Responsibifrties of trustees As explained more fulFy in the trustees, respK)n5rbilities ststement set out on page 13, the trustees (who are a150 the directors of the charitable company for the purposes of company lawl are responsible for the prepar*ion of the financtal statements and for being Satisfied that they gNe a t¥ue and fair view, and for such internal control as the trustees determine is necessary to enable the prep3r3tion of financi31 statements that are free from material misstatement. whether due to fraud or error. Ir] preparing the Itnancial ststsments, the tnistee5 are responslble tor assessing the group and Po￿nt charitable compan￿5 abifity to continue a5 a going concern, disclosing, a5 3ppIic3ble, rnHtters relatsd to going concern and us(n8 the going con￿rn basis of accounting unless the trustees either intend to liquidate the group or parent charitsble company or to cease operations, or have no realisbc aFternative but to do so. Auditorfs Responsibililwe5 for the audit of the finanr4al statements We have been appointed a5 auditor under Sectron 44llllcl of the char￿e$ and Trustee Investment Scotlandl Act 2¢J)5, the Companies Act 2006 and Sectton 151 of the Charities Act 20113nd report to you rn accordance with ￿gulationS mode underthose Acts. Our objectives a￿ to obtsin reasonable assurance about whether the financial statements 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. Reasonable èssurante is a high level of assurance, but 15 not a guarantee that an audit conducted in accordance with bSAs IUKI will always detect a material misstatement when it exists. Mi55tatements can arise from fraud or error and are considered material if, individually or in aggregate. they could reasonabty be expected to influence the economic decisions of user5 tsken on the basis of these frnancial statements. As part of an audtt in accordance with ISAS IUKI we exercise professional judgement and maintain professional scepticism throughout the audit. We 3150-. identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform avdit procedures responsive to those risks, and obtain audrt ev](Jen￿ that ts sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement re5ultr.ng from fraud is higher than for one resL¢lting from error, as fraud may involve collusion. forgery, intentional omissions, Mis￿preSen￿￿on5. or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audlt procedures that are appropriate in the Circumstan￿5, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charltable compan￿$ internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accountiftg estimates and related di5c105ures made by the trustees. INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE NATIONAL RHEUMATOIDARTHRIT15 SOCIETY Conclude on the appropriateness ol the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conijitions that may (ast sgnifir3nt doubt on the group and parent charitable cOrnpan￿5 ability to continue as a going con￿rN. If we conclude that a material uncertainty exists. we are required to draw attewrtion in our auditorfs ￿pOrt to the related disclosures in the ftnancial sratements or, rf such disctosure5 are inadequate. to modrfy our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the group or parent charitable company to ￿8$e to continue as a going concern. Evaltjate the ovèrall presentation. Structu￿ and content of the financial statements. including the disclosures, and whether the financkil 5t3tements represent the underlying transactions and Events in a manner that achieve5 fair presentation. Obtain sufficient appropriate audit evidence regarding the financial information of the entTtie5 or business activitres within the group to express an opinion on the consolidated financial statements. We are responsible forthe directron. supervF5K)n and Performan￿ of the group audit. We remain solely responsible for our audit report. We communic3te wtth those charged with governan￿ regardin& among other matters, the planned scope and timing of the audit and srgntficant audit findings, including any signtlitant deficiencies in internal control that we identtfy during our audit. Eyplanation as to what extentthe audlt was considered capable of deterting irregularfties. including fraud Ir￿gUlarItieS. including fraud, are instances of non-compliance with laws and reEvlations. We desl8n procedures in line with our responsibiltiies, outlined above, to detert material misstatements in respect Df irregulariiies, including fraud. The extent to which our procedures are capable of detectrng irregularrknes. including fraud is detailed below. The objectives of our audit ir7 respect of fraud. are,. to identify and assess the rtsk5 of material mi55tatement of the financial statements due to fraud; to obtain sufficient appropriate audir evidence regarding the assessed risks of material misstatement due to fraud. through designing and implementr.ng appmpriate responses to those asse55ed risks- and to respond appropriately to instances of fraud or suspected fraud rdentified during the audtt. However, the primary responsibilty for the prevention and detectton of fiaud rests with both management and those charged wtth Bovernance of the charitable companv. Our approach was as follow5- We obtained an understanding of the legal and regulatoiy requirements applicable to the charf(able company 3nd considered that the most significant are the Companies Act 2006, the Charthes and Trustee Investment Iscotlandl Act 2005 las amended). regulations 6 and 8 of the Charities Accounts (Scotlandl Regulations 2006 las amendedl, the Charthes Act 2011, the Charity SORP, and UK fin3nci31 reporting standards as issued by the Financial RepoTting Council. INDEPENDENT AUDITOR'S REPORTTOTHE MEMBERSAND TRUSTEESOF THE NATIONAL RHEUMATOID ARTHRITIS SOCIETY We obtained an understanding of how the charitable company complies with these requirements by discussions with management and thtsse charged with governance. We 3S5e55ed the risk of material misstatement of the financial sratements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance WFth laws and reguL*ions. Based on this underst3ndir]& we designed specilic appropriate audit procedures to identify instances of non-compliance with13ws and ￿gUlations. This incfuded making enquiries of management and those charged with governance and obtsining additional curroboratiye evidence as required. There are inherent limitstions in the audit pTocedures described above. We are less to becorne aware of instances of non-cornpliance with laws and regulations that are not closety related to events and transactions renected in the financial statements. Ako. the risk of not detectirjg a material misststement due to fiaud is hEherthan the risk of not deterttng one resulhng from error. as fraud may invofve delibeTrte concealment by. for example, fovgery or intentional mlsrepresentstions. orthmugh collusion. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of P3rt 16 of the Companies Act 2006,. and to the Charity's trustees, as a body, in accordance with Section 44(Illcl of the Chèrrties and Trustee Investment (Scotlandl Act 2￿5, and in re5pert of the consolidated linancial statements, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken 50 that we might state to the Charitable company's members and trustees those matters which we are ￿quired to state to them rn an auditor's report and for no other purpose. To the fullest extent permitted by13w. we do not accept or assume re5pon5ibility to any party other than the charitable company, the charitable company's members. as a body, and the charity's trustees, as a body for our audit work, for this report. or for the opinion we have formed. ILP Danna Lukic (Senior Statutory Auditorl for and on behalf of Moore Kingston Smith LLP, Statutory Auditor The Shipping Building The Old Vinyl Factory Blyth Road Haves, London U83 IHA Moore Kingston Smtth LJP is eligible to art as auditor in terms of Settion 1212 of the Companies Act 2￿6. 19 NAT1014AL RHEVMATOID ARTHRITIS SOCIETY CONSOLIDATED STATEMENT OF FINANCIAI A￿1VITIEs Ilncludins Income and Expendlture A¢¢ountl FOR THE YEAR ENDED JI DECEM8ER Z025 Lknrestdrted Restrirted Total UnrEStrirted Rethcted Totsi funds 2025 funds 2025 fvnds Z015 funds 2024 fvn4s 2024 lunds 2024 Notss £'oD) £'ooo £'ooo £woo Intom Oonations and legacies 1.219.6 275,3 &1 56.8 10.0 144.0 1,229.6 419.3 1.241.7 191.7 14.5 59.1 1,242.1 225.9 14.5 59.1 34.2 Investmenr incone 5&8 Total Income 1,559.8 154.0 1.713.8 1.507.0 L541.6 enditu Rai5ingfund5 332.9 332.9 304.7 Ch3fiiable aCbviti&s lJ63,8 71.8 1,435.6 1,233.4 36.0 1,269.4 Totsi resour¢es tmpended 1.69S.7 71.8 1,768.5 1,53&1 36.0 1,574.1 Net Incomellexpenditurel before ￿n￿$tments 1136.91 82.2 154.7] Net Bains/llo55esl on investments 12 88.8 58.5 58.5 Gr055 transfers beN¥een funds oo Netmovementln funds 148.11 27.4 26.0 Fund balan￿5 at l January Transfer beiween fuDds 2.023.3 20.1 2,043.4 oo L,997.4 2a0 2.017.4 Fund balance5at31 December L973.0 104.S 077.5 Z,025.3 20.1 2,043.¢ The staternenrof financ131 activities inclL¥les allgalns 3nd lossesiecogNsed inthe yÈar. All income ènd expenditure der￿e from tontinuin8actfvltyes. The statem&ntof financial activities also ¢omplie5With the requirements foran Income and expenditvre accoullt under the Companies Act ￿. The noiesat pages 2410 38 form part of these xcounts. 20 NATiofiAL RHELIMATOIOARTHRITIS SOCIErY COMPANY STATEMENI OF FINANCIAL AcrivmES Iin¢ludin8 Ine