The Duncan Trust
Scottlsh Charfty Ref: SCOI5311
Accounts
for the year to 31 Varth 2025
Contents
Rwrt by Trustees
Rem by I{￿#r￿nt Examiner
Accwnts
Note5 to kcounts
)pendices ol 1ftEAm￿ts
re￿￿. OJ241872683 Fax." 01241871541

The Trust
Report of the Trustees ftr the yew 31 Mw¢h 2025
Jr Trfftes are ex ÉfficK*appthntrrents. 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
a*areresG of a TfL￿tee's reS￿nsibIl￿.e5, ttye w￿rnIng L*)¢unent. *Jrrinityatwe prc<ethJres, ard tre history and thilo¥Jphical
[pM￿h of tne tharity. A new Tr￿ wll receNr c¢yies yea"s Xt￿nts, minuts of Truslee n*ngs
aThJ a roFy of the OSCR t(ok'et-GJidJKe arn1 c￿00 pr￿1￿ f(v Clprity Tru5tee5". rf awcyiate.
Law LLP, 8rotr%xthik Ilouse, Ar￿ath, DDII INE.
The fe£s parit to Thornknn5 Cir£1￿JI￿j 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￿. f￿￿MilIne, KY12 7NZ
ottish cnarty No. SC0153II
Rathbor£ 1nveStsn￿t Mawelr￿tLtd. cpatN>)r￿) G￿ge 50 Georgt Sty￿, (aasw G2 IEH
The Trust was set up Trust dated 1864 by David [￿rran
The wrpjse Lrf the Trust is Yo SUF*r•ent the StEEwxls of Mini*er5 of dps*Jn*d Churths in Art*oath ar*1 Suvrou￿rg ar
and for the mer CY THO￿n to trA Mir*rs (Y M69C￿￿5, &Yeferen￿ to LE to I￿1 carnlidates.-

The Duncan Trust
eport of theTrnstaes for the year ended 31 Marth 21125 (cont)
day-tD4ay èJmnstratiDn is (Jried out T￿￿1rt0{s LLP as wts for Trust. The TTUStees us￿1Y 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 r*ted to the optration5 a
ru￿r￿eS c¢ TiusL and are salsfioj thgl sYSle￿ •e in place Lo rnltigaie exFwe ts) th05e r￿5￿5.
rknir#J year ￿t$ t￿l￿r￿) £IL420 R024 -£145SVJ Pawj in furlhera￿e ¢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 ¢ty￿r￿#YE r**Èd atthel onethalf ro the *￿ftÈ' Furd.
In ND¥ember 2013 the Trustee5 re50fvEd to gr￿ts to iy)th ful time st￿ents for the Church rf S(oUand Ninistry aThJ
Ly) Stu￿￿19 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 Exzmin*s Re•ort tothe Trusteesof the Trust
I rep¢yt on a(ccwt5 charty (t>r 31 M￿h 2025 whKh are set Pages 5 to 8.
Ths report is made to tr* Tnkstees, as a tK)*. in tr* tern￿ d my ery>JemE￿t. Wjrk ￿ been undertaken
to e￿a￿e Tr to rekyrt rry 0jniL￿ es set ￿loW ard for no fAher rxJrtLJse. To fullest extent Fermitted by LThT I do not
ac￿pte￿ assutt￿ rewrniL¥ty to ￿YC￿e ¢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(O￿ts IScctlN¥ll Fiegul*oTrs 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 aCC￿n[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 reg￿t￿￿ 11 Challes P£cfAmts (kotIJ￿J) Regulatrons 2Q06 (as
amende(J). An exafftlnaihjn hclwjv. *] revEYrf vf the kpl by tlv Llwiry l￿d è comp&ris)ii of the acKourtts
y￿effed wth th)se rec(xts. It aÈo mc￿￿e5 consh*rotion rrf any Ur&￿1 rtems er dixk$5wres ir. the a¢￿Trts, anl seeks
exp1ar4t1c*￿ from tr* Tntst￿ CO￿erning any >xh matter5. The ryttafjures unewraken do I￿t prO￿e 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 £<a￿n￿l(￿ rK ffkttter has io my attent
l. vknich giyes me "e￿nable(2VSe to iEfieYe that in material the rewirerwts:
to keep accountiThJ rwards in Kcmnce ¥Mth Section H(1) {a) cf the 2￿5 Act and Regulttion 4 cl 2CQ6
our*s Regulabjns, 6ThJ
to prepare accourts **h the aCcour￿"n9 f*orts with Aegujab'on g ofthe 20C6
Accourts Re9ulati)ns
have not met, or
to whTrC￿ in my opintr)n, SI￿￿ld be dra¥¥n In ￿der to Ef)*le a prDrEr understsnLtin9 téthe xcounts to be
re￿1￿￿.
Condie & Lo ng as Dain5
10 AbtEy Park Pl￿e
Dunfennlir
KYI? 7N7
5 December
2025

The Duncan Trust
Recelpts and Paynwts Account for yex ended 31 March 2025
2025
2024
In*stment ir£orne
17.080
17.505
Sale of in4estffterts as per pwthdix 2
139 925
121886
Totsl ￿el￿ts
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￿ U￿eStrIrt￿I

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￿ ￿ C￿r￿S 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 Ratr*ort5
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 pay￿nts of £￿￿ of £6X)
SuppK)rt Costs (ScW(rfe 3)
2025
2025
c￿rItal￿¢
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 t￿1r 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, b*arKe 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 Lts￿le iLP. Ln(kren￿l ExamI￿r fee
362

The ￿nCan Trust
sche￿Ie 4
2Q24
Rothb￿e$. w)rtfe4io fflawgewt naryes
$¢heth￿ S
statement of Rwenye b•1•￿￿ as at 31 MaKh 2025
Chur¢h
Fund
StyJd•nt
F￿d
Tol•l
Balance as at 31 Marth KJ24
{J,795)
3,72Q
(5,515)
Income rerP.j￿d in year. acpyb"or*d in to c￿[Ch frJrwJ
aThl 112 to SttyJert Fund
15.285
12.2f
3.025
PFQrt costs. aFp)rtKJr*d 112 to Church fvJnd ar#J 112 to
si￿jert Fund
(6fv45)
13,3221
{3.323)
8,938
(298)
Dtstribkns in ￿ar
15,720)
Balance as at 31 March 2025
Note.. In 8 meetiro d8t* 6 Dec￿ber 2024. the TNthes •yegJ ltsi the Décwnber 2024 LfL%tributw￿$ to sludents stvxjld be
paid from capital fJnts.
Chvrth
FurKI
udent
Balance a5 at 31 Marth 2023
(1534)
[6.1￿))
Income iecei*d 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)
ErfstrI￿tiQ￿ pDid in ￿Or
Balance as at 31 Marth 2024

The Duncan Trust
Note5 to th• Accounts and Gen•ral Notes repa￿5￿ Fthanaal S•r¥icts Art 1986, Law Society Rultt and relrtod
The Accounts are prepared wi accordarte wrth c￿l￿S Accwnts (kntsndl ReguL3tions 2006 (as arnermledl.
The Trust￿ awove conb.nted apryxntrn￿rt of the Jnvestffent 1•1ap.agers (fryrnth Speirs & Jeffrey. rx)w Ratht￿e
InvestTrert manJJen￿nI Lttj) as detailed .,i ￿ Repx Truste￿ In Llèse kccyJnts, ard on same ba515 a5 contained
in IIThe$b7￿￿ arml firki￿1 5er4Kes Temts cl By￿eSS P4reerTKnt wrrenlty in
Tli¢ Tiusiees 4ppr￿¢ wniyiuttl ¢pwirtrrTrvn( vf the Ir¥JvpJKlerK t￿MIr￿r 05 (l¢i•"l¥d In ftewrt vf the fru5tees In
these Acc(wJnts.
At time of appr￿n9 finatrxial 5ta*ryerts, the Tru*e¢s hav¢ a reawiable expectab.￿ that the -rust has adeqLWtr
rewrce5 to continue in orv¥.ioral existence the fore5eeotle f￿1￿. Thu5 ￿ Tnjstees ￿tir￿je b adcot the going
((ffi￿rn bags of n preparing ttrp financsal sL*nent&

Tht Trust
D￿rIl￿tIonS pald inYM Ènded 310325
Appeni&x I
Church F￿d-
13.09.24
Carnoustie Triniry
broath & District
2,288.LK)
3.432.(Kl
720.ry)
st￿lent Fund-
12.12.14
17 pay￿￿t5 of£3CO and l of ¢61JJ
S7C<¢.00
Total
IL420

The Ouneon Trw#
Ytif t¢ 31 P41atth 2025
*stmEnt Trarnsartior
Appefidix I
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0110512024
011051I024
0110512024
011(ts12024
0810512024
09MSiiOld
241C612024
251C612024
30108/1024
30gOV2024
30J081I024
3010812024
301Q811024
301081102
3QI0812024
3010811024
3010812024
301W20>4
3010812024
0210911024
(rJ11212024
r611212024
0511212024
0511212024
051iz/2024
(611212024
0511212021
05II212024
LW12/2024
C6n212024
(W1212024
0611212024
0911212024
0911212024
0510312025
¢SI031J029
31103rn25
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2.kn TREA3UftY 4 118% ndtx LwkndSto(k 2C80
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2.6LKI TREASURY IJ4% Glt 3voino?
PURCH
3,M TREASVRV 4 114% Stock 7IW32
PUiCHASE
5.7CO TAEASUAY 118% 2211112036
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Equa4satknfvrÈcoiDt%durnithe yarlu 31 Mafch X124
Pwtha5e5
Sales
7,559.34
j.sll 49
5.191.
8312.12
7327.co
5.550.
7.035 67
15.435.OJ
9.108.tsJ
SAIE
PUKHAIE
PURCHASE
PURCHASE
SAIE
PURCHA
PUR¢HASÉ
PURCHASE
MJICHA5E
S4
PVAUIAsr
5.146.4Z
IA.3el.(6
1(68.01
9,614.43
2.%9.
).o??.¥J
7.196 37
5.368 0)
3.4?7.$8
9.knfg.Z
.$37
2.644.19
PURCHASE
PUIICHASE
4LE
F¥JICHASE
LE
SALE
PVRCMhSt
IWACHASÉ
SALE
SA
SALE
SALE
PUHCHA5E
11,152.86
7,011.Gl
6.183 36
6.463.52
3,737
7,463.71
S174AI
S,013.27
1112000
6,49350
Y,765
Lk
IQ277.6Q
993 1)
116J75AI 139,915.ZI