The Duncan Trust Scottlsh Charfty Ref: SCOI5311 Accounts for the year to 31 Varth 2025 Contents Rwrt by Trustees Rem by I{#rnt Examiner Accwnts Note5 to kcounts )pendices ol 1ftEAmts re. OJ241872683 Fax." 01241871541
The Trust Report of the Trustees ftr the yew 31 Mw¢h 2025 Jr Trfftes are ex ÉfficKappthntrrents. as Mlrristers and thsiwed Elde of the fdknwlng crJrqregati¢xs:. ArtKoath & tistrirt (hur(h rf Crnstie Trnity Ctrurch of Scciland The Trusw w511 Oe31 apFYopriateli a5 fEgarts Irthttl aThJ traintiw new TnJstee5 teiry wpntal. Thi5 will iVKbJe aareresG of a TfLtee's reSnsibIl.e5, ttye wrnIng L)¢unent. Jrrinityatwe prc<ethJres, ard tre history and thilo¥Jphical [pMh of tne tharity. A new Tr wll receNr c¢yies yea"s Xtnts, minuts of Truslee nngs aThJ a roFy of the OSCR t(ok'et-GJidJKe arn1 c00 pr1 f(v Clprity Tru5tee5". rf awcyiate. Law LLP, 8rotr%xthik Ilouse, Arath, DDII INE. The fe£s parit to Thornknn5 Cir£1JIj wlEre partnus ty rwmnee itot firm are Trustees) We as (leiailed In the Sthedules io (he (nL5. CoTrJle & Co limited tr<(fiTrJ os Dair6, 10 thy Park Pla. fMilIne, KY12 7NZ ottish cnarty No. SC0153II Rathbor£ 1nveStsnt MawelrtLtd. cpatN>)r) Gge 50 Georgt Sty, (aasw G2 IEH The Trust was set up Trust dated 1864 by David [rran The wrpjse Lrf the Trust is Yo SUFr•ent the StEEwxls of Minier5 of dpsJnd Churths in Artoath ar1 Suvrourg ar and for the mer CY THOn to trA Mirrs (Y M69C5, &Yeferen to LE to I1 carnlidates.-
The Duncan Trust eport of theTrnstaes for the year ended 31 Marth 21125 (cont) day-tD4ay èJmnstratiDn is (Jried out T1rt0{s LLP as wts for Trust. The TTUStees us1Y meet twKe year to revtLv all aspects ofthe tnjsfs affdrs. The Tnfjtres tsve assessed the maJ)r rists to (harity is exposed, r. particular ttDse rted to the optration5 a rureS c¢ TiusL and are salsfioj thgl sYSle •e in place Lo rnltigaie exFwe ts) th05e r55. rknir#J year t$ tlr) £IL420 R024 -£145SVJ Pawj in furlherae ¢4 the 4ted otrRCts cf the ¢harlty. GnntMakinR Polky OistribJticns are made exh y baxd the avjilabk revenue. of the JnnJal inccffte is ipp)rticned tD the'church, Fund (tre iwemarfes whth a two ¢tyr#YE rÈd atthel onethalf ro the ftÈ' Furd. In ND¥ember 2013 the Trustee5 re50fvEd to grts to iy)th ful time stents for the Church rf S(oUand Ninistry aThJ Ly) Stu19 Siutyiiw tu qL>)lify as Deacoits iii tl Chur(h (rf S£oUml. Mo 5usyJiI 15 to (rffvvj to tr•inee5 ttr< Ordairtd Local Ministry or p)st-graduate stuoes. FlnandalP4bqd The results for yeèr are set out on pw 5 and 6. Tr Tnst 15 in a Xlu financial Fcsiboi hawrrJ a cap.tal value at 31 Maicli 2025 01 £498,220 (2024 - £515026) a srnall Kcymdatvj ieyenue rplUS of £2,920 (X*24- £J,795 (kntj. The reser¥es of the Trust o".iginate from oiiginal subsequent captts, be4ue5ts. ther th the m(Nement in Ihe v&ue cl investmerts. and accumulated revewe Trustees hase bjert a reseNes al ensures the contynuffio ability of the Trust tc¢ its ObFcts. The le cé free re5ave5 hdd & 31 M¥ch 2025 was £SOI,410 (Z024. E5J4,031J Approved by the Twstees ar swJnEd on thelr lthff: 12 2025
The Duncan Tru# Independent Exzmins Re•ort tothe Trusteesof the Trust I rep¢yt on a(ccwt5 charty (t>r 31 Mh 2025 whKh are set Pages 5 to 8. Ths report is made to tr Tnkstees, as a tK). in tr tern d my ery>JemEt. Wjrk been undertaken to eae Tr to rekyrt rry 0jniL es set loW ard for no fAher rxJrtLJse. To fullest extent Fermitted by LThT I do not acpte assutt rewrniL¥ty to YCe ¢x than the Trus. a tXKty, ft>r my work(K this report. Respe¢U¥¢ wponslbllltles rf TnMtees Examiner The TrLtstets a r&ptysibbe for tk pWep)ra0c of the xcwrts in xctrdatKe with the twmg the Charities Tnjthe In4es¢rnert (ScotÈne) Art 2LM)5 èThJ Charitles Ac(Ots IScctlN¥ll FieguloTrs 2LV)6 las amended). The Trustees cons¥Jer th tPe ajdit rKuirefftht of Reguation 10(11 (dl or the Accwnts Regu1atsons does not aptly. 11 Is ny re5Fon5ibility to examine the aCCn[S requirf Lnoer srfion 44(11 (cl ¢A ttr anJ to whrflEI particulai matters hawe come to my My ex¥ninabon 15 cèrrRd (Ajt in regt 11 Challes P£cfAmts (kotIJJ) Regulatrons 2Q06 (as amende(J). An exafftlnaihjn hclwjv. ] revEYrf vf the kpl by tlv Llwiry ld è comp&ris)ii of the acKourtts yeffed wth th)se rec(xts. It aÈo mce5 conshrotion rrf any Ur&1 rtems er dixk$5wres ir. the a¢Trts, anl seeks exp1ar4t1c from tr Tntst COerning any >xh matter5. The ryttafjures unewraken do It prOe all tt evhlerre that would bÈ wiired in an d ar (onseqwty i do e¥wess an MIt on the e•l gNen by the ts. independenl Exan4nerfs 5taternent In Ihe cwr5e ¢A nry £<anl( rK ffkttter has io my attent l. vknich giyes me "enable(2VSe to iEfieYe that in material the rewirerwts: to keep accountiThJ rwards in Kcmnce ¥Mth Section H(1) {a) cf the 25 Act and Regulttion 4 cl 2CQ6 ours Regulabjns, 6ThJ to prepare accourts h the aCcour"n9 forts with Aegujab'on g ofthe 20C6 Accourts Re9ulati)ns have not met, or to whTrC in my opintr)n, SIld be dra¥¥n In der to Ef)le a prDrEr understsnLtin9 téthe xcounts to be re1. Condie & Lo ng as Dain5 10 AbtEy Park Ple Dunfennlir KYI? 7N7 5 December 2025
The Duncan Trust Recelpts and Paynwts Account for yex ended 31 March 2025 2025 2024 Instment ir£orne 17.080 17.505 Sale of in4estffterts as per pwthdix 2 139 925 121886 Totsl elts 18J165 16fj66 h3 9.967 9.115 Costs of genevatlng funds 4.611 4527 Flmrhase costs investfflents as ps Apperth 2 116,975 1071128 TcAa payments 137 336 Surplus for e. All funds a UeStrIrtI
The Duncan Ttu Statement of BalaKes as at 3114arch 1015 2025 2024 Cash depfyslt and on hand OtEnino balan 10,505 8.4SO SurF4 for tr* Cbssng bal As Val at 31 l•tsr(h 2025 Eslimatal Liabilitie5 as at 31 MI 2Q25 Thorntons, balan CrS fee yew to 31.03.25 (Inc VAT) 9.842 9,312 Dains, fee for indepeTrJent ExarNnath)n 750 Audit Servtes North, lee for Indepen feè 520 Amywed by the TN5tee5 aDd sigrnd m thelr behall:
The Duncan Trust Schethle I 2025 2024 idends intere pu Ratrort5 DeF(Is intw w TIw)mi 17,057 17.489 16 Schethle 2 (tharfiable Actmtles 2024 lknbutiors nwle in y (Fer l): urch Fund: Camoltstie Trinity and Arbrt)&h & 05tTKt 10 paynents of É546 5,160 SLklert Furxl.. 17 paynts of £ of £6X) SuppK)rt Costs (ScW(rfe 3) 2025 2025 crItal¢ Schethlle 3 SupW Cosls Totsl Thomton5, anCe of 1r f& as Clerk5 kn the Tn& ftr tre yeffjr to 31.03.24 linc VAT) 12 S,$87 3,725 Thorntons, lo (nt ol t1r fee as Clerks to the Trust ft the year to 31.03,25 (inc VAT) 6AIXI 3,780 520 Au(Fit SeThices North, fee lor In(t AssèssFrEnt $20 312 208 Hender50n Loggie LLP. Indewdent Ewniier f 192 612 T(tsl 2024 2D24 Cfraritsble Aciiwties Thomton5, barKe rf ttEir lee a5 Ckrk5 to Trust ftr tt year to 31,03.23 lir( VAT) 7,985 4.791 3,194 Thomtons, to account of trtir '. as Oefvs to the Trust for the year to 31.03.24 linc VAT) 6,3(Ml 3.780 2.S20 dew Ltsle iLP. Ln(krenl ExamIr fee 362
The nCan Trust scheIe 4 2Q24 Rothbe$. w)rtfe4io fflawgewt naryes $¢heth S statement of Rwenye b•1• as at 31 MaKh 2025 Chur¢h Fund StyJd•nt Fd Tol•l Balance as at 31 Marth KJ24 {J,795) 3,72Q (5,515) Income rerP.jd in year. acpyb"ord in to c[Ch frJrwJ aThl 112 to SttyJert Fund 15.285 12.2f 3.025 PFQrt costs. aFp)rtKJrd 112 to Church fvJnd ar#J 112 to sijert Fund (6fv45) 13,3221 {3.323) 8,938 (298) Dtstribkns in ar 15,720) Balance as at 31 March 2025 Note.. In 8 meetiro d8t 6 Decber 2024. the TNthes •yegJ ltsi the Décwnber 2024 LfL%tributw$ to sludents stvxjld be paid from capital fJnts. Chvrth FurKI udent Balance a5 at 31 Marth 2023 (1534) [6.1)) Income ieceid In year. apFortione(1 315 to Cl¥Jrth Fund ¥ne 2IS to Studert Fund 14.871 12.218 2.653 pp)rr ccsts, aiiY*tM)ned 113 to Thrch and 213 to Student FLVKI (6.076) 13,038) (3,038) 1795 9.1 (385) ErfstrItiQ pDid in Or Balance as at 31 Marth 2024
The Duncan Trust Note5 to th• Accounts and Gen•ral Notes repa5 Fthanaal S•r¥icts Art 1986, Law Society Rultt and relrtod The Accounts are prepared wi accordarte wrth clS Accwnts (kntsndl ReguL3tions 2006 (as arnermledl. The Trust awove conb.nted apryxntrnrt of the Jnvestffent 1•1ap.agers (fryrnth Speirs & Jeffrey. rx)w Rathte InvestTrert manJJennI Lttj) as detailed .,i Repx Truste In Llèse kccyJnts, ard on same ba515 a5 contained in IIThe$b7 arml firki1 5er4Kes Temts cl ByeSS P4reerTKnt wrrenlty in Tli¢ Tiusiees 4ppr¢ wniyiuttl ¢pwirtrrTrvn( vf the Ir¥JvpJKlerK tMIrr 05 (l¢i•"l¥d In ftewrt vf the fru5tees In these Acc(wJnts. At time of apprn9 finatrxial 5taryerts, the True¢s hav¢ a reawiable expectab. that the -rust has adeqLWtr rewrce5 to continue in orv¥.ioral existence the fore5eeotle f1. Thu5 Tnjstees tirje b adcot the going ((ffirn bags of n preparing ttrp financsal sL*nent&
Tht Trust DrIltIonS pald inYM Ènded 310325 Appeni&x I Church Fd- 13.09.24 Carnoustie Triniry broath & District 2,288.LK) 3.432.(Kl 720.ry) stlent Fund- 12.12.14 17 payt5 of£3CO and l of ¢61JJ S7C<¢.00 Total IL420
The Ouneon Trw#
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