Dick Bequest Trust Scheme 1979
Annual Report and Financial Statements
for the year ended 31 December 2024
Scottish Charity: SC013641

Dick Bequest Trust Scheme 1979
Annual Report and Financial Statements
for the year ended 31 December 2024
Contents
Pages
Legal and Administrative Information
Governors, Report
Irbdependent Examinerfs Report
Statement of Financial Activities
Balante Sheet
Notes to the Financial Statements
8-12

Dlck Bequest Trust Scheme 1979
Legal and Administrative Information
Governors
Secretary
Independent Examiner
,CA
6 St Colme Street
Edinburgh EH3 6AD
Solicitor5
Blair Cadell LLP
The Bond House
5 Breadalbane Street
Edinburgh EH6 5JH
Investment Manager5
RBC Brewin Dolphin
Sixth Floor, Atria One
144 Morrison Street
Edinburgh EH3 8EX
8ankers
The Royal 8ank of Scotland plc
142-144 Princes Street
Edinburgh EH2 4EQ
Oick Bequest Trust Scheme 1979 is a registered Scottish Charity with the charity reference number
SC013641.

Dick Bequest Trust Scheme 1979
Governors, Report
for the year ended 310ecember 2024
The Governors are pleased to present their annual report and Independently examined financial
statements for the year ended 31 December 2024.
Objectives and Charitable Purposes
History and 8ackground.. The founder of the original Dick Bequest was James Dick of Finsbury Square,
London born in Forfes in 1743 who died in 1828. The first scheme was framed in accordance with the terms
of the Education Endowments (Scotlandl Act 1892 and amended by the Court of Session in 1923. New
Schemes Llnder the Education Endowments (Scotlandl Acts 1928 and 1935 were framed in 1934 and 1956.
The present Scheme was framed in 1979 by the Secretary of State for Education. The Trust is empowered
to accept donations. legacie5, annuities, subscription5, and other gifts for the purposes stipulated in the
Scheme.
The Governors are required to operate solely within the confines of the Scheme as approved by Parliament
in 1979. The Scheme is a Charity registered with OSCR Iihe Scottish Charity Regulator) and the Governors
must comply with the relevant rules and regulations applicable to Charity Trustees.
The Trust is an Education Trust sel up for the sole purpose of paying the following types of grants in the
area of benefit namelv..
lal the area comprising Moray and Aberdeen5hire bLtt excluding the former County of Kintardlne,.
Ihl the area comprising the former County of Moray and the former Parishes of Abernethy and Duthill
all lying within the Badenoch and Strathspey District of the Highland Region.
Seclion 23 Grants
Grants to teachers to enable them to undertake a course of study. to travel for any purpose of an
educational nature. or to pursue any other activity which. In the opinion of the governin8 body, Is likely to
improve the applicant's efficiency as a teacher.
Se¢tlon 24 Grants
Grants to Aberdeenshire and Moray Counci15 and Highland CoL*ncil as Education Authoritie5 to provide or
assist with the provision of special equipment for schools Wlthin the area of benefit or for any other
purpose, which in the opinion of the governing body, will enhance the quality of nursery, prlmary and
secondary education within the area of benefit.
Grant Making Policy and Charitable Purposes
Grants are paid in accordance with the objectives set out in the Trust purposes above. A Standard
application form is used to provide the information required for the Governors to decide which Grant5
should be made.
The Governors have decided that it will conduct a review in 2024125 of the public/educational benefit
being achieved under ils current powers as Parliament set out in 1979.

Dick Bequest Trust Scheme 1979
Governor5, Report lcontinuedl
for the year ended 31 Decernber 2024
Review of Activities
Grunts to Teochers- Section 23
11 12023.. 141 applications for Section 23 Grants were received durin8 the year. The total payable was
£15.12612023. £15.4941
Equipment Gronts- Section 24
The sum of £11,54512023.. £11,334> was allocated for Equipment Grant5 for division among the schools in
Aberdeenshire Council (formerly 8anlf/Buchan Division and Gordon Divisionl, Moray Council and schools in
Highland Council on the recommendations of the respective Directors of Education in consultation with the
Councillor5 on the Governing Body.
Investment Pollcy and Performance
The investment portfolio is managed on a discretionary basis by RBC Brewin Dolphin. The investment
objective is to generate a competitive level of income, while 3lso adding capital growth over the long term.
As of 31 December 2024. the value of the investments Stood at £1,728,989 12023.. £1,675,625) and the
income generated within the portfolio for the year was £54,77812023.. £56,285>, equivalent to a yield of
3.2%.
The portfolio generated a total return of 7.1% during the year. The ARC Steady Growth Charity index
against which the portfolio is referenced grew by 8.8%. Given the inability to access the capital within the
portfolio, the investments have a bias towards investments that pay attractive levels of income. The
portfolio yield of 3.2Ya compares to a yield for the same Index o12.2Yo.
2024 was a strong year for equity markets. Inflation corstinued to fall gradually from the high5 of 2022,
allowing central banks to begin culling interest rates. Th15, combined with solid economic growth and
strong corporate earnings, provided a positive market backdrop and pushed equities higher. Once again,
the US wa5 the best performing market globally over the period, driven by strong economic growth as well
as enthusiasm around advances in Artificial Intelligence, with a number of the largest US technology
companies well positioned lo benefit. As we approached the end of the year, a decisive outcome in the US
presidential election was well received by markets.
The asset5 of the Trust remain invested in a well diversified portfolio of high quality Ilmed interest, UK and
overseas equity investments, property and alternatives. The Trustees are satisfied that the long term
investment objectives are being met and the investments are enabling the Trustee5 to continue to provide
financial support to beneficiaries.
Finance Review
The Trust's work is entirely reliant on income and investment returns from its share portfolio. Total grant5
payable after refunds in the year were £22,89312023.. £2 1,3281. Net income in the year after net gains on
investments of £64,66712023". £41,8201 was £63.40512023.. £45,2991.

Dick Bequest Trust Scheme 1979
Governors. Report Icontinuedl
for the year ended 31 December 2024
Reserve5 Policy
On a year-to-year basis. grants are paid according to the incorne available. Revenue surplLtses brought
forward from previous years are available il needed. Unrestricted "free" reserves at 31 December 2024
were £77,52412023: £67,268)
Governing Body
The Governing Body conslsts of ten elected Governors. Five are elected by the Society of WriieTS to His
Majesty's Signet- two are elecled by the Senate of Aberdeen Univer51ty.' and three are elected by the Loc31
Authorities of Aberdeenshire and Moray, and there are further provisions for election of replacement
governor5 by the Governing Body in the event any of such bodies have failed to so elect. Each Governor
holds off ice for a period of five years and may then be eligible for re-election. In a typical year, the
Governors meet bi-arbnuolly to assess grant applications and make donations accordingly.
Governors, Responsibilities Statement
The Governors are responsible for preparing the Anntjal Report and the financial Statements in accordance
with applicable law and United Kingdom Accounting Standards IGenerally Accepted Accounting Practice).
Law applicable to charities in Scotland requires the Governors lo prepare financial statements for each
financial year which give a rrue and fair view of the State of affairs of the Trust and of the incoming
resources arid application of resource5 01 the Trust for that period. In preparing these financial statements,
the Governor5 are reqLJired to..
select suitable accounting policie5 and then apply them consistentlv."
observe the method and principles in the Charities SORP 2019 IFRS 1021,.
make judgements and e5timate5 that are reasonable and prLtdent,
State whether applicable accounting standards have been followed, subject to any material
departures digclosed and explained in the fin3nci31 statements,.
prepare the financial statements on the Eoing concern basis unless It Is inappropriate to
presume ihar the Trust will continue in operation.
The Governors are responsible for keeping proper accoLJnting records which disc105e with reasonable
accuracy at any time the financial position of the Trust and to enable them to ensure thai the financial
Statements comply with the Charities and Trustee Investment Iscotlandl Act 2005, the Charilies Accounts
(Scotlandl Regulatior15 2006 las arnendedl and the terms of the Trust Deed. They are also responsible for
safeguarding the assets of the Trust arbd hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
Aoproved by the Govprnors on I l Mav 2025 and sipne(l on their behalf bv..

Independent Examinerfs Report to the Governors on the Unaudited
Financial Statements ol the Dick 8eque5t Trust Stheme 1979
I report on the financial statements of the Trust for the year ended 31 December 2024 which are set out on
pages 6 to 12.
Respective responsibilitles of Governors and independent examiner
The Governors are re5PQn5ible for the preparalion of the financial statements in accordance with the terms
of the Charities and Trustee Investment (Scollandl Act 2005 and the Chaiities Accounts Istotlandl
Regulation5 2006. The Governors consider that the audit requirement of Regulation 10111 lal to Icl of the
Accounts Regulations does not apply. Ir is my responsibility to examine the financial statements as required
under section 4411> Icl of the Act and to state whether particular matters have come to my attention.
Basis of Independent examlner's statement
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulation5. An
examination includes a review of the accounting recgrds kept by the Trust and a comparison of the financial
statements presented with those records. 11 also includes consideration ol any unusual items or disclosures
in the financial statements, and seeks explanations from the Governors concerning any such matter5. The
procedure5 undertaken do not provide 311 the evidence that would be required In an audit, and
consequently I do not express an audit opinion on the view Riven by the financial statements.
Independent examiner's statement
In the course of my examination. no malter has come to my altention..
which gives me reasonable cause to believe that in any material respect the requirement5'.
to keep accounting records in accordance with Section 44111 lal ol the 2C(J5 Act and Regulation
4 of the 2006 Accounts Regulations.. and
to prepare financial sl3temonls which accord with the accounting records and comply with
Regulation 8 of the 2006 Accounts Regulations..
have not been met.. tsr
2. to which, in my opinion, attention should be drawn in order to enable a proper understandlng of the
financial statemenrs to be reached.
13 May 2025
IridL'PLJiid('ril E xJrniDL'r
MHA
6 St Colme Street
EdinbLJrgh EH3 6AD

Oick BequestTrust Scheme 1979
Statement of Financial Activities
for the year ended 31 December 2024
Capital
Funds
(Permanent
Endowmentl
Revenue
Funds
Iunrestrirtedl
2024
Total
2023
Total
Notes
Income frorn:
Investments
54.778
54.778
56.285
Total income
54.778
54.778 ,
56.285
Expenditure on:
Raising funds
Charitable activities
111.5181
111.5181
144.5221
110,9521
141,8541
144.5221
Total expendlture
144.5221
111.5181
156.0401
152,8061
Net intomellexpenditurel before
ialns and105ses on investments
10.256
111,5181
11,2621
3,479
Net gains on investments
64,667
64.667
41,820
Net income and net movement in funds
10,256
53, 149
63.405
45,299
Fund5 at l January 2024
67.268
1,672,898
1,740,166
1,694,867
Funds at 31 December 2024
77.524
1,726,047
1,803,571
1,740,166
The statement of financial activities Includes all gains and losses in the year.
All activities are cla55ed as continuing.

Dick Bequest Trust Scheme 1979
Balance Sheet
as at 31 December 2024
Notes
2024
2023
Fixed Assets
Investments
1,728,989
1.675.625
Current Assets
DebtOT5
Cash on deposit
7,814
90.847
8.809
71.988
98.661
80.797
Liabilities: Creditor amount5 falling due within one year
124,079}
116.2561
Net current assets
74.582
64.541
Net assets
1.803.571
1,740,166
Represented bv:
Revenue - unrestricted
Capital fund - permanent endowment
9,10
9,10
77,524
1,726,047
67,268
1.672.898
Total funds
1,803,571
1,740,166
Approved and authorised for issue by the Board of Governors on 13 May 2025 and signed on their behalf
by=

Dick Bequest Trust Scherne 1979
Notes to the Financial Statements
for thè year ended 31 December 2024
l Accounting Policies
The significant accounting policies applied in the preparation of these financial statements are set out
below. These policies have been consistently applied unless otherwise stated.
8osis olprepomtion ond ossessment olgoing concern
The financial statements have been prepared on a going concern basis under the historical cost
convention with items recognised al cost or transaction value unless oiherwise stated in the relevant
notes to the financial statements. The financial statements are presented In Sterlin8 which 15 the
functional currency of the Trust and rounded to the nearest £.
The financial statements have been prepared in accordance with the Charities and Trustee Investment
(Scotlandl Aci 2005. the Charities Accounts (Scotlandl Regulations 2006 las amendedl, Accounting and
Reporting by Charities.. Stalement of Recommended Practice lapplicable to charities preparing their
financial statements in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland IFRS 10211 issued In 2019. the Financial Reporting Slèndard applicable in the United
Kingdom and Republic of Ireland IFRS 1021 and UK Generally Accepted Accounting Practice.
The Dick 8equest Trust Scheme 1979 meets the definition of a public benefit entity under FRS 102.
The Governors have considered the impacl of the ongoing economic uncertainty on the financial position
and future performance of the charily and will continue to ensure grant awards are given only where
there is sufficient income available to do 50. The Governors are satisfied these efforts are sufficient and
therefore continue to adopt the going concern basis of accouniing in preparing the financial statements.
Income
All Income is recognised once the Trust has entitlemeni to the income, il Is probable that the income will
be received and the amount of income receivable can be measured reliablv.
Interest on funds held on deposit is included when receivable. Dividends are recognised once the
dividends have been declared and notification has been received of the dividend due.
Expenditure
Expenditure is recognised as soon as there is a legal or conslructive obligation committing the Trust to
that expenditure, it is piobable thot settlement will be required and ihe amount of the obligation can be
measured reliably. Irrecoverable VAT is charged against the expenditure heading for which it wa5 incurred.
Expenditure on raising funds include5 Costs associated with generating income from the Trusi through it5
investment portfolio. Charitable expenditure comprises those costs incurred by the Trust in the delivery of
its activities and services. It includes both costs which can be allocated directly to such activitie5 and those
costs of an indirect nature necessary lo support them.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the
Trust. In the case of an unconditional grant offer. this is recognised once the recipient ha5 been notified of
the award. This notification gsves the recipient a reasonable expectation that they will receive the grant.
Support costs are allocated between governance costs and other support costs. Governance cost5 include
these costs associated with meeting the constitulional ènd statutory requirements of the Trust and
include the independent examination fees and costs linked to strategic managemerit of the Trust. Other
support costs relate to the administrative costs of running the Trust.

Dick Bequest Trust Scheme 1979
Notes to the Financial Statement5
for the year ended 31 December 2024
l Accounting Policies (continued}
Fixed a55et investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value
and subsequently meèsured at their fair value as at the balante Sheet date using the closing quoted
market price. The statement of financial activities includes the net gains and losses arising on revaluation
and disposals throughout the year.
The main form of financial risk faced by the Trust is that of volatility in equity markets and investment
markets due to wider economic conditions. Ihe attitude of investors to investment risk. and changes in
5entirnent concerning equities and within particular sectors or sub sectors.
All gains and losses are taken to the Statement of Financial Activities a5 they arise. Realised gains and
losses on investments are calculated as the difference between sales proceeds and their opening carrying
value or their purchase value if acquired subsequent to the first day of the financial year. Unreali5ed gains
and losses are calculated as the difference between the fair value at the year end and their carrying value.
Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
Debtors
Debtors are measured at their recoverable amount and included when reasonable certainty exists over
their receipt.
Cosh at bank
Cash at bank Includes cash and highly liquid short term investments with a maturity of three months or
less from the date of a£qui5ition of the dep051t or similar account.
Creditor5
Creditors are recognised when the Trust has a present obligation resulting from a past event that will
probably result in the transfer of funds to a third party and the amount due to settle the obligation can be
measured reliablv.
Finonciol Instruments
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at tiansaction value and subsequently
measured at their settlement value.
Funds structure
The Trust has a single permanent endowment. The Dick Bequest Trust Scheme 1979 provides for the
governors to invest the capital in perpetvity.
Unrestricted revenue funds comprise those funds which the governors are free to use for any purpose on
furtherance of the charitable objectives.
The 'free income, of the Trust is to be applied as nearly as possible to not less than two-thirds for the
prov1510n of grants to teachers. and not more than one-third for the provision of grants to assist in the
improvement of educational facilities.

Dick Bequest Trust Scheme 1979
Note5 to the Financial statements Icontinuedl
for the year ended 31 December 2024
Investment Income
Ursrestricted Unrestricted
2024
2023
Oividend income
8ank interest
53,647
1,131
55.348
937
54,778
56.285
Raising fund5
Endowment
2024
Endowment
2023
Investment management fees
11.518
10.952
Charitable actlvltles
Unrestricted Unreslficted
2024
2023
Section 23 grants to teachers
Grants refundedlnot taken up
Section 24 grants to O551St improvement of educaiional faeilities
Grants refundedlnot taken up
20,026
14,9001
11,545
13,7781
16,994
11.5001
11.334
15,5001
Total grants payable
Support costs Inote 51
22.893
2 1.629
21,328
20,526
44,522
41,854
Support costs
Governance
Costs
Support Unrestricted
Costs
2024
2024
Secretary's lees
Independent examiner's fees
83nk charge5
Website charges
other charges
2,652
2,298
15,028
17,680
2,298
155
901
595
155
901
595
4,950
16,679
2 1.629
Governance
Costs
Support
C05t5
Unrestricted
2023
2023
Secretary's fees
Independent examiner's fees
Bank charges
Other charges
2,652
2,196
15.028
17.680
2,196
130
520
130
520
4,848
15,678
20,526
io

Dick Bequest Trust Scheme 1979
Notes to the Financial Statements Icontinuedl
for the year ended 31 December 2024
Support costs Icontinuedl
Four Bovernors were reimbursed for travel expenses amounting to £545 during the year12023.. 3
amounting to £4501.
Flxed asset investment5
2024
2023
Market value at l January 2024
Add.. Acquisitions at cost
Less.. Disposal proceeds
Net gains on revaluation
1,661,234
314,920
1315.5751
64.667
1.625,302
401,125
1407.0131
41,820
1,725,246
1,661,234
Cash held at brokers capital account
3.743
14,391
Market value at 31 December 2024
1,728,989
1,675,625
Historical cost at 310ecember 2024
1,429,541
1,455,783
Investments over 5% of portfolio value..
Market Value
2024
Market Value
2023
Fidelity UCITS ETF
183,920
156,678
Debtors
2024
2023
Due from Broker Ilnve5tment income)
Accrued interest and dividends
4.952
2,862
6,178
2.63 1
7,814
8,809
Creditors: Amounts falling due within one year
2024
2023
Grants payable
Accruals
11.545
12,534
11,334
4,922
24,079
16,256
li

Oick Bequest Trust Scheme 1979
Notes to the Financial Statements Icontinuedl
for the year ended 31 December 2024
Movement in funds
At ljan
2024
At 31 Det
2024
2024
Income
Expenditure
Gains1llossesl
Income funds..
General unrestricted
67.268
54,778
144,5221
77,524
Copitolfunds..
Permanent endowment
1,672.898
111,5181
64.667 1.726.047
1,740,166
54.778
156,0401
64,667 1,803,571
Atllan
2023
At 31 Dec
2023
2023
Income
Expenditure
Gainslllossesl
IncomeAunds.'
General unrestricted
52.837
56,285
141,8541
67,268
Copitallunds..
Permanent endowrnent
1,642,030
110.9521
4 1,820 1,672,898
1.694.867
56,285
152,8061
41.820 1.740.166
10 Analysis of nel assets between funds
Income
Fund
Capital
Fund
2024
Total
Income
Fund
Capital
Fund
2023
Total
Investments
Net current as5etsl
1,728.989 1.728,989
1,675,625 1,675,625
77,524
12,9421
74,582
67,268
12.7271
64,541
77,524
1.726.047 1,803,571
67.268
1,672,898 1.740, 166
11 Related party transactlons
There were no related party transactions during the year other than 0$ disclosed in note 5.
12