Passed by the NKF February 2003 and ammended November 15th 2014

An ethical investment policy has been adopted which states that we will seek to avoid tobacco stocks where practical within the pooled funds approach. The investment strategy is set by the trustees (Directors) and takes account of recent demand for funds. The trustees (Directors) consider the income requirements and the strategy is set within an overall policy which states that the finances are to be invested in low risk investments with a view to ensuring that capital appreciation of the funds exceeds inflation. The strategy is reviewed each year.