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 SoUr￿S 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