National Development and Social Fund, Annual Report and Financial Statements, 31 December 2025

Annual report and financial statements of the National Development and Social Fund for 2025 (approved 27 Aug 2026), 61 pages (two-column layout). In scope because the NDSF is funded by IIP, 2020-scheme (Community Malta) and Residency Malta contributions: receipts (2025 EUR 50.4m, 2024 EUR 93.6m incl. EUR 0.10m from Residency Malta; EUR 836.5m since inception), portfolio values and investment results (out of scope beyond balances), consolidated position (net assets, cash, investments, commitments), Table 7 targeted funding of 52 social projects and donations (approved and paid, totals EUR 148,772,227 and EUR 50,865,600), cash flows (grants paid, advances to the Housing Authority), notes on each commitment (2024 comparatives; Hope guarantee fund, Mdina illumination, Inspire, MFA youth programme). Existing rows kept (2024 and 2025 receipts, EUR 836,506,572 cumulative, the 2015 founding event). Not recorded because no indicator fits: portfolio returns, asset allocation, investment income, operating expenses (government endowment), ESG and governance text. Inconsistencies: cumulative receipts at end-2024 EUR 786,139,822 (Table 4) vs EUR 786,499,822 (text); 2024 investments EUR 674,212,302 (statements, text) vs EUR 684,212,302 (Table 4); Hospice Malta disbursements EUR 4,797,582 (note 19.6) vs EUR 3,816,019 (Table 7 and later in the note). The previously recorded 2024 and cumulative receipt rows are attributed to mlt-mec/none though they include IIP and Residency Malta money; the new rows use program_id empty where mixed.