Dick Bequest Trust Scheme 1979 Annual Report and Financial Statements forthe year ended 31 December 2025 Scottish Charity: SC013641
Dick Bequest Trust Scheme 1979 Annual Report and Financial Statements for the year ended 31 December 2025 Contents Pages Legal and Administrative Information Governors, Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8-13
Dick Bequest Trust Scheme 1979 Legal and Administrative Information Governors Charles Buchan Yvonne Dewhurst Tim Edward Gordon Lang Andrew Macdonald (appointed 30 June 20251 lan Macleod Robin Macpherson Derek Mcculloch Gordon McDonald Alexander Reid Iresigned 5 March 20251 Alison Saunders Secretary Susan Masterton The Bond House 5 Breadalbane Street Edinburgh EH6 5JH Independent Examiner Emma Marshall, CA MHA 6 St Colme Street Edinburgh EH3 6AD Solicitors Blair Cadell LLP The Bond House 5 8readalbane Street Edinburgh EH6 5JH Investment Managers R8C Brewin Dolphln Sixth Floor, Atria One 144 Morrison Street Edinburgh EH3 8EX Bankers The Royal 8ank of Scotland plc 142-144 Princes Street Edinburgh EH2 4EQ Dick Bequest Trust Scheme 1979 is a registered Scottish Charity with the charity reference number SC013641.
Dick Bequest Trust Scheme 1979 Governors, Report forthe year ended 31 December 2025 The Governors are pleased to present their annual report and independently examined financial statement5 for the year ended 31 December 2025. Objectives and Charltable Purposes History and Background.. The founder of the original Dick Bequest was James Dick of Finsbury Square. London born in Forres 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 under 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, legacies, annuities. subscriptions, 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 (the Scottish Charity Regulator) and the Governors must comply with the relevant rules and regulations applicable to Charity Trustees. The Trust is an Education Trust set up for the sole purpose of paying the following types of grants in the area of benefit namely.. (a) the area comprising Moray and Aberdeenshire but excluding the former County of Kincardine. (b) 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. Section 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 governing body, is likely to improve the applicant's efficiency as a teacher. Section 24 Grants Grants to Aberdeenshire and Moray Counci15 and Highland Council as Education Authorities to provide or a551St with the provision of special equipment for schools within the area of benefit or for any other purpose, which in the opinion of the governing body, will enhance the quality of nursery, primary 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 Grants should be made.
Dick BequestTrust Scheme 1979 Governors, Report Icontinuedl for the year ended 31 December 2025 Review of Artivities Grants to Teochers- Section 23 9 12024: 111 applications for Section 23 Grants were received during the year. The total payable was £15,54912024: £15,126). Equipment Grtints- Section 24 The sum of £10,85812024.. £11,5451 was allocated but unclaimed for Equipment Grants for division among the schools in Aberdeenshire Counci5 (formerly BanfflBuchan Division and Gordon Division), Moray Council and schools In Highland Council on the recommendations of the respertive Directors of Education in consLsltation with the Councillors on the Governing Body. Investment Policy 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 also adding capital growth over the long term. As of 31 December 2025, the value of the investments stood at £1,874,75612024.. £1,728,989) and the income generated within the portfolio for the year was £55,33312024.. £54,778), equivalent to a yield of 3.0%. During the year, the portfolio generated a total return of 9.9%. The ARC Steady Growth Charlty Index against which the portfolio is referenced grew by 8.6%. As the assets in the portfolio are permanently endowed, the investment5 have a bias towards those that pay attractive levels of income. Throughout 2025, the portFolio yielded 3.0% versus the Risk Category benchmark of 2.2%. Markets were volatile in the first half of 2025 as President Trump unveiled his 'Liberation Day, tariffs sparking concern5 over supply chains, inflation and potential retaliatory measures. Markets in Asia and in particular China, where the highest reciprocal tariffs were announced, fell sharply on the news. However, a serie5 of extended deadline5 and trade frameworks caused equities to rebound strongly in Q2. As sentiment shifted away from tariffs, markets sustained their rally, with Artificial Intelligence continuing to support equity performance. Stock5 tied to Al, particularly the large US TechnoloEV companies, 50ared with momentum spillirig over to regional equity markets outside of the US. Asian equities progressed the most over the year, with cyclical sectors such as financials, defence arbd mining stocks leading markets higher in Europe and the UK. Notwithstanding the geopolitical uncertainty and concerns over equity valuations, markets were able to continue climbing the 'w311 of worry'i finishing 2025 strongly as corporate earnings 3nd a relatively supportive global growth outlook form a constructive view looking at the year ahead. The assets of the Trust remain invested in a well-diversified portfolio of high-quality fixed interest, UK and overseas equity investments, property and alternatives. The Trustees are satlsfied that the long-term investment objectives are being met and the investments are enabling the Trustees to continue to provide financial support to beneficiaries. Finance Review The Trust's work 15 entirely reliant on income and investment returns from its share portfolio. Total grants payable after refunds in the year were1£3,552112024: £22,893). Net income in the year after net gains on nvestments of £117,45212024.. £64,6671 was £142,76912024.. £63,405).
Dick Bequest Trust Scheme 1979 Governors, Report (continued) for the year ended 31 December 2025 Reserves Policv On a year-to-year basis, grants are paid according to the income available. Revenue surpluses brought forward from previous years are available if needed. Unrestricted 'free" reserves at 31 December 2025 were E74,71112024: £77,524). Governing Bodv The Governing Body consists of ten elected Governors. In terms of the TrLSSt Deed five are elected by the Society of Writers to His Majesty's Signet,. two are elected by the Senate of Aberdeen University,. and three are elected by the Local Authorities of Aberdeenshire and Moray, and there are further provisions for election of replacement governors by the Governing Body in the event any of such bodies have failed to so elect. Each Governor holds office for a period of five years and may then be eligible for re-election. In a typital year, the Governors meet bi-annually to assess grant applications and make donations accordingly. Governors, Responsibilities Statement The Governors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Gerberally Accepted Accounting Practice). Law applicable to charities in Scotland require5 the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affair5 of the Trust and of the incoming resources and application of resources of the Trust for that period. In preparing these financial statements, the Governors are required to: select suitable accounting policies and then apply them consistently; observe the method and principles in the Charities SORP 2019 IFRS 1021,. make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to any material departures disclosed and exp13ined in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation. The Governors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the financial statements comply with the Charitie5 and Trustee Investment (Scotlandl Act 2005, the Charities Accounts Iscotlandl Regulations 2006 las amended) and the terms of the Trust Deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. Approved by the Governors on 26 March 2026 and signed on their behalf by.. Derek Mcculloch Governor
Independent Examiner's Report to the Governors on the Unaudited Financial Statements of the Dick Bequest Trust Scheme 1979 I report on the financial statements of the Trust for the year ended 31 December 2025 which are set out on pages 6 to 13. Respective re5ponslblllties of Governors and independent examiner The Governors are responsible for the preparation of the financlal statements in accordance with the terms of the Charities and Trustee Investment (Scotlandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2006. The Governors consider that the audit requirement of Regulatlon 10111 lal to Icl of the Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44111 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 Regulations. An examination includes a review of the accounting records kept by the Trust and a comparison of the financial Statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the Governors concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the financial statemerbts. Independent examiner's ststement In the course of my examination, no matter has come to my attention.. which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with Section 4411) lal of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations,. and to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations,. have not been met,. or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. Emma Marshall, CA Independent Examiner MHA 6 St Colme Street Edinburgh EH3 6AD 26 March 2026
Dick Bequest Trust Scheme 1979 Statement of Flnancial Activities forthe year ended 31 December 2025 Capital Funds (Permanent Endowment) Revenue Funds (Unrestricted) 2025 Total 2024 Total Notes Income from: Investments 55,333 55,333 54,778 Total income 55.333 55,333 54,778 Empendlture on: Raising funds Charitable activities 111,8701 111,8701 118,1461 111,5181 144,5221 118,1461 Total expendlture 118,1461 111,8701 130,0161 156,0401 Net incomellexpendlture) before gains on investments 37,187 111,8701 25,317 11,2621 Net gains on investments 117,452 117,452 64,667 Net income 37,187 105,582 142,769 63,405 Transfers between funds 140,0001 40,000 Net movement in funds 12,8131 145,582 142,769 63,405 Funds at l January 2025 77,524 1,726,047 1,803,571 1,740,166 Funds at 31 December 2025 74,711 1,871,629 1,946,340 1,803,571 The statement of financial activities includes all galns and losses in the year. All activities are classed as continuing.
Dick BequestTrust Scheme 1979 Balan¢e Sheet as at 31 December 2025 Notes 2025 2024 Flxed Assets Investments 1,874,756 1,728,989 Current Assets Oebtors Cash on deposit 9,000 85,779 7,814 90,847 94,779 98,661 Liabilities: Creditor amoLsnts falling due within one year 123,1951 124,0791 Net current assets 71,584 74,582 Net a55et5 1,946,340 1,803,571 Represented by.. Revenue - unrestricted Capital fund- permanent endowment 9,10 9,10 74,711 1,871,629 77,524 1,726,047 Total funds 1,946,340 1,803,571 Approved and authorised for issue by the Board of Governors on 26 March 2026 and signed on their behalf by- Derek Mcculloch Governor
Dick BequestTrust Scheme 1979 Notes to the Flnancial Statements for the year ended 31 December 2025 l Actountlng Policie5 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. Bosls oApreparotion and assessment of going concern The financial statements have been prepared on a going concern basis under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the financial statements. The financial statements are presented in Sterling which is 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 Act 2005, the Charities Accounts (Scotlandl Regulations 2006 las amended), Accounting and Reporting by Charities.. Statement of Recommended Practice (applicable 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 Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and UK Generally Accepted Accounting Practice. The Dick Bequest Trust Scheme 1979 meets the definition of a public benefit entity under FR5 102. The Governors have considered the impact of the ongoing economic Uncertainty on the financial position and future performance of the charity and will continue to ensure grant awards are given only where there is sufficient income available to do so. The Governors are satisfied these efforts are sufficient and therefore continue to adopt the going concern basis of accounting in preparing the financial statements. Income All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 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 constructive obligation committing the Trust to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. Expenditure on raising funds includes costs associated with generating income from the Trust through its 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 activities and those costs of an indirect nature necessary to 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 has been notified of the award. This notification gives the recipient a reasonable expectation that they will receive the grant. Support costs are allocated between governance costs and other support costs. Governance costs include these costs associated with meeting the constitutional and statutory requirements of the Trust and include the independent examination fees and costs linked to Strategic management of the Trust. Other support costs relate to the administrative costs of running the Trust.
Dick Bequest Trust Scheme 1979 Notes to the Financial Statements for the year ended 31 December 2025 l Accountlng Policie51continued} Fixed 0$5et investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net galns 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, the attitude of investors to investment risk, and changes in sentiment concerrbing equities and within particular sectors or sub sectors. All gains and losses are taken to the Statement of Financial Activities as 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. Unrealised 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. Cash ut bonk Cash at bank includes cash and highly liquid short term investments Wlth a maturity of three months or less from the date of acquisition of the deposit or similar account. Creditors Creditors are recognised when the Trust has a present obligatlon 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 reliably. Financial Instruments The Trust only has financial assets and financial liabilitie5 of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transactlon value and subsequently measured at their settlement value. Funds 5trutture The Trust has a single permanent endowment. The Dick Bequest Trust Scheme 1979 provides for the governors to invest the capital in perpetuity. 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 a5 Possible to not less than two-thirds for the provision of grants to teachers, and not more than one-third for the provision of grants to a5SlSt in the improvement of educational facilities.
Oick BequestTrust Scheme 1979 Notes to the Financial Statements {continuedl for the year ended 31 December 2025 l Accounting Policies (continued) Judgements In ¢ipplying the keysources of estimotion uncertointy In the application of the Trust's accounting policies, the Trustees are required to make judgements, estimates and 35sumptions about the carrying amounts of assets and liabilities that are not readilv apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The Trustees do not consider there to be any significant judgements in accounting policies, or key SoUrS of estimation or uncertainty requiring disc105ure. Investment Income Unrestricted Unrestricted 2025 2024 Dividend income Bank interest 54,412 921 53,647 1,131 55,333 54,778 Ralsing funds Endowment 2025 Endowment 2024 Investment management fees 11,870 11,518 Charitable activities Unrestricted Unrestricted 2025 2024 Section 23 grants to teachers Grants refunded/not taken up Section 24 grants to assist improvement of educational facilities Grants refunded/not taken up 16,159 16101 20,026 14,9001 11,545 13,7781 119,1011 Total grants payable Support costs (note 51 13,5521 21,698 22,893 21,629 18,146 44,522 Support costs Governance Costs Support Unrestricted Costs 2025 2025 Secretary's fees Independent examlnerfs fees Bank charges Website charges Other charges 2,652 2,388 15,028 17,680 2,388 175 792 663 175 792 663 5,040 16,658 21,698 io
Dick BequestTrust Scheme 1979 Notes to the Flnancial Statements Icontinuedl for the year ended 31 December 2025 Support Costs Governance Costs Support Unrestricted Costs 2024 2024 Secretary's fees Independent examinerfs fees 8ank charges Website charges Other charges 2,652 2,298 15,028 17,680 2,298 155 901 595 155 901 595 4,950 16,679 21,629 Four governors were reimbursed for travel expenses amounting to £638 dLsring the year12024.. 4 amounting to £5451. Flxed asset investments 2025 2024 Market value at l January 2025 Add.. Acquisitions at cost Less.. Disposal proceeds Net gains on revaluatlon 1,725,246 471,607 1451,5521 117,452 1,661,234 314,920 1315,5751 64,667 1,862,753 1,725,246 Cash held at brokers- capital account 12,003 3,743 Market value at 31 December 2025 1,874,756 1,728,989 Historical cost at 31 December 2025 1,598,038 1,429,541 Investments over 5% of portfolio value.. Market Value 2025 Market Value 2024 Fidelity UCITS ETF 143,666 183,920 Debior5 2025 2024 Due from Broker Ilnvestment income) Accrued interest and dividends 5,877 3,123 4,9S2 2,862 9,000 7,814 li
Dick Bequest Trust Scheme 1979 Notes to the Financial Statements (continued} for the year ended 31 December 2025 Credltors: Amounts falling due within one year 2025 2024 Grants payable Accrua15 11,545 12,534 23.195 23,195 24,079 Movement in funds Atljan 2025 Income Gains1 Ilossesl At 31 Oec 2025 2025 Expenditure Transfers Incomefvnds.. General unrestricted 77.524 55,333 118,1461 140,0001 74,711 Copitalfunds.. Permanent endowment 1,726,047 111,8701 117,452 40,000 1,871,629 1,803,571 55,333 130,0161 117,452 1,946,340 Atljan 2024 Gains/ Ilossesl Transfers At 31 Dec 2024 2024 Income Expenditure Incomelunds.. General unrestricted 67,268 54,778 144,5221 77,524 Cupittslfunds.. Permanent endowment 1,672,898 111,5181 64,667 1,726,047 1,740,166 54,778 156,0401 64,667 1,803,571 10 Analysls of net assets between funds Income Fund Capital Fund 2025 Total Income Fund Capital Furbd 2024 Total Investments Net current assets/ 1,874,756 1,874,756 1,728,989 1,728,989 74,711 13,1271 71,584 77,524 12,9421 74,582 74,711 1,871,629 1,946,340 77,524 1,726,047 1,803,571 12
Dick Bequest Trust Scheme 1979 Notes to the Financial Statements (continued) for the year ended 31 December 2025 11 Related party transactions The firm, Blair Cadell LLP, of which Andrew Macoonald is a partner, received a fee of £17,68012024.' £17,680) in respect of administration and secretarial services provided during the year. Creditors at the year-end included £17,68012024.. £7,295) in respect of these fees. 13