CARNEGIE DUNFERMLINE TRUST Char Number SCO15710 REPORT OF THE TRUSTEES AND ACCOUNTS For the Year Ended 31 st December 2025
CARNEGIE DUNFERMLINE TRUST Accounts for the Year Ended 31 st December 2025 Contents Pa Report of the Trustees Independent Auditor's Report 8-10 Statement of Financial AclivS1ies {SOFAI 11 Balance Sheet 12 statement of Cash Flows 13 Notes Forming Part of the Accounts 14-25
CARNEGIE DUNFERMLINE TRUST ort of the Trustees for the Year Ended 31st December 2025 The Trustees present Iheir report and accounts for the year ended 31 st December 2025. The accounts have been prepared in accordance with the accounting policies sel out in note 1 to the accounts and comply with the charity's Trust Deed and Royal Charter, the Charities and Trustee Investment (Scotlandl Act 2005, the Charities Accounts (Scollandl Regulations 200618s amended) and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffeclive 1st January 20191. Objectlves and Activities A founding letter from Andrew Carnegie dated 1903 explains the nature and purFK)se of the T¥usl, the objective of which, briefly expressed. is lo add value lo the lives of the people of Dunfermline and ils environs. The governing detail supporting this principal purpose is contained in the Royal Charter. The Trustees seek to fulfil this objective by.. The maintenance and development of the Birthplace Museum lo preserve and promote the legacy of Andrew Carnegie., A programme of grant giving lo local organisalions,. and Entering into partnerships and the promotion of initiatives with groups and organisalions whose objects are Compatible with those of the Trust. Achlevements and Performance The Trust has continued to drive forward work lo fulfil ils charitable objectives during 2025. Guided by the enduring legacy of our founder. Andrew Carnegie, the Trust continued to invest in projects that improve life in Dunfermline. Throughout 2025. the Trust has been working on an ambitious programme across 3 strategic priorities.. 1. The Pittencrieff Park Ambition Project 2. The Andrew Carnegie Birthplace Museum 3. The annual grant giving programme These slralegi¢ priorities were complemented by several significant events and partnership projects during 2025. Some of the key areas ofwork are detailed below: Carne ie Medal of Philanthro The major event for the Trust in 2025 was the Carnegie Medal of Philanthropy in May. The Trust had the honour of co-hosting the Carnegie Medal of Philanthropy week of events in Scotland for the first time in over 10 years. This event brought together the global family of 20 Carnegie inslilulions, Trustees, Camegie family descendants and international philanthropists to celebrate generosity and social impact. Several events took plaGe during the week including a business meeting for all the global Carnegie institutions and the Carnegie Medal of Philanthropy award ceremony. This prestigious biennial event recognises individuals and organisalions whose philanthropy has made a significant contribution lo the worfd. Pittencrieff Park Ambition Pro ecl Throughout 2025. the Trust in partnership with File Council, conts'nued to drive forward a project to enhance and regenerate Pittencrieff Park. There was a steady rise in the number of community events and festivals taking place in the park and the park received the prestigious Green Flag Award, affirming Pittencrieff Park's status as one of *olland's most beautiful and valued green spaces, Andrew Carne ie Birth lace Museum During 2025 the Andrew Carnegie Birthplace Museum continued to play a vi181 role in telling the story of Carnegie's humble early life and the social conditions that shaped his work ethic and values. The museum welcomed 13,000 visitors during 2025 and Carnegie's inspiring story and philanthropy continues lo re50nale with stuclenls, s¢hool pupils and audiences aeross the globe. As we approa¢h the museum's centenary in 2028, a strategic working group was established and has worked alongside consultants lo drive forward the future vision and case for support for attracting funding to secure the future sustainability of the mltseum.
CARNEGIE DUNFERMLINE TRUST ort of the Trustees for the Year Ended 31st Dember 2025 Achlev¢ments and Performanco Icontlnuedl Communi rant ivin The Trust's grant giving programme remained a fundamental way of supporting communities of Dunfermline and surrounding environs. During 2025, the Trustee$ awarded grants tolalling £116,161 to 45 lo¢al clubs, groups, ¢harilies and schools. Our grant giving objectives of alleviating poverty, improving health and wellbeing. and overcoming loneliness remained central lo Tiuslee deliberation and deeision making. The Trustees approved grants lo support a variety of projects including an Afro-caribbean Summer Festival in Pittencrieff Park. a minibus for Rosylh Sea Cadets, kills for Dunfermline Pipe Band and s18rting blocks for Dunfermline Amateur Swimming Club. Partnershi Workin A significant partnership during 2025 wa$ the Trust's collaboration with Fife College in support of the new Dunfermline Campus and Carnegie Conference Centre. This collaboration ensured that Carnegie's legacy is told within this new slate of the art campus building and continues lo inspire young people studying in Dunfermline today. Andrew Carnegie funded the first college in Dunfermline in honour of his uncle and mentor, George Lauder. 2025 also marked the 801h anniversary of a Bond of Friendship beeen Dunfermline and Trondheim in Norway. Tho Bond of Friendship was established in 1945, when Norway was still under Nazi occupation, by the young people of Dunfemiline with the support of Carnegie Dunfermline Tiusl. Eighty years later 8 delegation from Trondheim visited Dunfermline and the Trust worked in partnership with Fife Council on events to Gelebrate the spirit of peace, friendship and international relats'ons. Future Pro osals The Carnegie Dunfermline Trust will be working with Flfe Council and other partner organisalion$ in Dunfermline Heritage Quarter lo create a master plan to attract inward investment and regenerate Dunfermline city centre. Heritage and culture are seen as key drivers for regenerating town and city cenlres and many of the heritsge buildings are Carnegie related. The master plan will also incorporale Pittencrieff Park. During 2026 we will be appointing an HR adviser to carry out a review of our staff policies and contracts lo ensure that they are compliant with the new Employment Rights Act 2025. We will also be running a programme of Trustee Training. Financial Revlew The results for the year are set out on page 11 of the Accounts. The Trustees consider the state of affairs of the Trust lo be satssfactory. In 1903, Andrew Camegie gifted $2.500,000 lo fund the Trust. The capital of this fund al 31st December 2025 amounts to £18.4 million. This fund generates income which is used lo provide financial assistance in accordance with the objects of the Trust. Total income generated was £499,459 to fund grants and related costs which lotalled £641,204 resulting in an anlicipaled deficit of £141,745 which has been met from reseNes. The allocation of grants made year on year is determined by the number and quality of applications received, rather than the level of income in Ihal particular year. Overall investmenl income is down from £393,96010 £380,461 a decrease of 3.40k. However, there wa$ sufficient portfolio growth during the year allowing us lo lop up income wllh a drawdown of £101,171 under the lolal return mandate. There were no exceptional dividends received. The Trust's investment portfolio rose from £14,201,630 10 £15,267,356 an increase of 7.5Yo. Portfolio performance reflects the current market. During the year grants of £3.959 and £88,917 were received from the Carnegie Corporation of New York for the Pitlencrieff Park Ambition project and the Andrew Carnegie Birthplaee Museum respeetively. In 2023 the Andrew Calnegie Birthplace Museum submitted an application to join the VAT refund scheme for Museums and Galleries. The application was successful, and they were added to Ihe list of organisations in the VAT (Refund ofTax to Museums and galleries) Order in 2024. Other debtors (note 161 includes £7,144 in respect of the VAT refund due for the year to 31st December 2025, In 2024 we received a VAT refund of £10,232 in respect of the period from 13th March 2023 10 31 st December 2024
CARNEGIE DUNFERMLINE TRUST rt of the Trustees for the Year Ended 31st December 2025 onlinued Financial Rgview (Gontinued) Princi al Fundin Sources The principal funding source conts'nued to be that of investment income. but now with the option lo supplement investment income by draw down under the new total return policy Isee investment policy and performance). As anlicipaled the change in mandate continues lo impact dividend yields. However, there was sufficient portfolio growth lo allow a drawdown of funds under the new total return manLrfale and £101,171 was transferred from the endowment fund to the unrestricted fund. The Trustees will continue to closely monitor the Trusrs financial position. Investment Polic and Performanc The Trust has an Investment Committee, members of which are listed on page 5. The Trust employs investment managers, and the Committee meets with them throughout the year and reports lo the full Board of Trustees with recommendations. There are no reslri¢lions on the Trust's power lo invest funds and the investment strategy is sel by the Trustees in the light of advice from the investment managers. The investment strategy is informed by the objeotive to maintain the Gapital value of the funds whilst producing sufficient inGome to enable the Trust to fulfil its chaTilable aims. This strategy is subject lo regular review and 15 sel within an overall policy under which fund5 are invested in stocks and shares. gills and fixed interest inveslmenls, undertaken within the agreed working terms with the investment managers according to theii stewardship code and identified miligalion of risk by the avoidance of certain products. Stock market movement informs the balance of the portfolios and the emphasis on the generation of income. Al the end of 2021 the Board Tesolved to change the investment mandate to that of total return and increase the risk from lowlmedium lo medium. In January 2022, the new mandate was signed, and a new total return nvestmenl policy was introduced. The portfolio was subsequently restructured to reflect the increase in risk and change lo lolal return. Reserves Polic 11 is the policy of the Trust lo maintain unrestricted funds, which are the free reserves of the Trust, at a level which provides sufficient cover for meeting ongoing costs of generating funds and charitable expenditure. Within unreslricled funds Trustees have ring fenced funds for spe¢ific proje¢ls, these funds have been removed from the general fund and set aside as designated funds. Contributions received in respect of specifi¢ proje¢l$ are maintained as re$tri¢ted fvnds. Further details of reserves ¢an be found in note 18. Grant Makin Poli Grants are awarded lo groups and project partner5 Wlthin a defined geographic area. Application forms are available from the website, or from the office and initial discussion with the Grants OfficeT is encouraged. Where possible applications will be acknowledged, and further information may be sought. Once all the necessary background is available the application will be Gonsidered by the Grant Conveners, who will decide if the application can be approved under discretionary delegated powers, if il should go lo the full Board of Trustees for approval, or if it is not suitable to progress. Grant Conveners have discretionary delegation for approval of applications up lo £1,500, with larger applications referred lo the full Board of Trustees for approval. During the year. Trustees agreed there should be no cap applied lo special activity fund applications which will be at the discrets'on of the Grant Conveners. Once a grant is awarded the recipient will be notified in writing with any related terms and conditions which will include the take up of the grant within a enty-foUr-Monlh-period. After twenty-four months if not claimed for good reason the grant offer is withdrawn and a fresh application would be required. If an application is unsuccessful, the Trust is unlikely to consider a further application within e1ve months. Trustees meet every months and applications can be submitted al any time. Governin Document The original governing document of the Trust is the Trust Deed of 1903 followed by the Royal Charter of Incorporation granted in 1919. A supplementary Royal Charter modernising slalutory and managemenl pro¢e5ses was granted by the Privy Council in September 201M.
CARNEGIE DUNFERMLINE TRUST ort of the Trustees for the Year Ended 31 st December 2025 continued Structure, Governance and Managemont Recruitment and A olnlmenl of Trustees The Trustees who served during the year are set out on page 5. Of these, four are appointed by Fife Council and their appointment is reviewed following each local government election. Of the other Trustees, when a vacancy arises nominations are sought Ihrough advertising, applications invited and interviews conducted by a committee of serving Trustees. Following an advertising campaign and recruitment process, tsvo new Trustees, Greg Robertson and Kirsty Walson were appointed and duly welcomed onto the Board on 24th April 2025. In October, after a number of years of dedicated service. Danny McArlhur slepped down as a Trustee. He was thanked for his many yoars of commitment and contribution to the Trust. Trustee Induction and Trainin Trustees receive a full induction pack on appointment, followed by an ongoing programme of Trustee training. The Trust also introduced a code of conduct which Trustees are required to sign. Staff Remuneration The Trust has a Staff and Salaries Committee, members of whlch are listed on page 5. R8mLineralion of staff 18 not determined by fixed scales. The Staff and Salaries Committee review salaries, performance, pension requirements, and other related matters al least once in each financial year. The Trust considers ils key management personnel lo comprise the Chief Executive Officer. The post of Chtef Executive Officer is shared between the Carnegie Dunfermline Trust and the Carnegie Hero Fund Trust. Related Parties The Trust shares common Trustees and adminlstration with the Carnegie Hero Fund Trust and makes payments and collects sums on their behalf. The Trust also shares ownership of Andrew Camegie House with the Carnegie Hero Fund Trust, the carn1& UK Trust and the Carnegie Trust for the Universities of Scotland. Risk Mana ement The Trust has an Audit Committee which meets al least fvlice a year and reports to the full Boafd of Trustees. Trustees who serve on the Audit Committee are li51ed on page 5. The independent auditor has direct access to the Chair of the Audit Committee. Included in the remit of this Committee is the annual review of matter5 outlined in the risk management document. None of the CUTrently identified risks are considered higher than 'rnedium' for likelihood. Whilst potential loss of investment income would constitute the highesl possible risk this is miligaled by the investment management procedure {see Investment Policy and Perform8n¢e above) and the prudent management of forward grant commitments. Other risks are mÈligated through standing procedures.
CARNEGIE DUNFERMLINE TRUST Re rt of Ihe Trustees for the Year Ended 31 st December 2025 ontinued Stru¢ture, Govemance and Management Icontlnued) Reference and administrative information Trustees Andrew W Croxford BA CA Thomas Dochety Rachel Doyle Colin Firth MBChB FRCGP Gillian Mann Danny McArlhur Bsc Msc MRICS MaPS Janet Mccauslin MBE Resuned 30 October 2025 Chair George Murray Mike Reid Rev. M8ryAnn R. Rennie Greg Robertson Victoria Simpson MAHons, LLB. ATh, DIPLP. NP, ASI Dr Ruth Strain Appointed 24th April 2025 David M Walker BA CA Kirsty Walson lan M Wilson Bsc Appointed 24th April 2025 Trustee8 appolnted by Flfe Coun¢ll Cllr Brian Goodall Cllr Gordon Pryde Cllr James Calder Cllr Conner Young Indicates a member ol the Audit Committee.
Indicates a member of the Investment Committee.
- Indicates a member of the Staff and Salaries Committee. The Chair Is entllled to attend any meeting of the Audit or Investrment Committees.
CARNEGIE DUNFERMLINE TRUST ort of the Trustees for the Year Ended 31st December 2025 continued Structuro, Governance and Manoggment {contlnued) Reference and adminislralive information continued Chief Executive Gillian R Taylor BA Independent Auditor CT Audit Limited Chartered Accounlanls and Statutory Auditor 61 Dublin Street Edinburgh EH3 6NL Bankers The Royal Bank of S¢olland 52-54 East Port Dunfermline KY12 7JB RegiSted Office Andrew Carnegie House Pillencrieff Street Dunfermline KY12 8AW Inveslmenl Adviserslmanggers Brooks Ma¢Donald 80 Hanover Street Edinburgh EH2 1EL Legal Adviserslsolicitors Stevenson & Marshall LLP 41 East Port Dunfermline KY12 7LG
CARNEGIE DUNFERMLINE TRUST Re ort of the Trustees for the Year Ended 31 sl December 2025 conlinued tatement of Trust88s' Re8 onslbllltles The Trustees are responsible for preparing the Trustees, Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in Scotland requires the Trustees lo prepare accounts for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these accounts, the Trustees are qUired lo.. secl suitable accounting policies and apply them consi51enlly.. observe the methods and principles contained in the Charities SORP 2019 {FRS 102}- make judgements and estimates that are reasonable and prudent., slate whether applicable acGounling standards have been followed, subjeGI to any material ¢Jepartures disclosed and explained in the acGounls', prepare the accounts on the going concern basis unless it is inappropriate to presume that the Trust will continue in opeialion. The Trustees ar8 responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the Trust and enable them lo ensure that the accounts comply with the Charities and Trustee Investment (Scollandl Act 2005, the Charities Accounts Iscollandl Regulations 2006 {as amended) and the provisions of the Trust's conslilulion. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Trustees are responsible for the maintenance and integrity of the charity and financial information included on the Charity's website. Legi$lalion in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdi¢lions. Dlsclosure of Informatlon to audttor Each of the Trustees has confirmed that there is no information of which they are aware which is relevant lo the audit. bul of which the auditor is unaware. They have further Confirmed that they have taken appropriate steps lo identify such relevant information and lo establish that the auditor Is aware of such information. CT Audit Limited were appointed as auditor to the Trust and a resolution proposing that they be reappointed will be pul al the annual general meeting. Approved by the Trustees on 30th April 2026 and signed on th6ir behalf by.. Janet Mccauslin MBE - Chair
CARNEGIE DUNFERMLINE TRUST Inde endent Audilor's Re ort to the Trustees of Carne ie Dunfemiline Trust Opinion We have audited the accounts of Carnegie Dunfermline Trust Ilhe 'Charity'l for the year ended 31st December 2025 which comprise the Slalemenl of Financial Actsvilies. the Balance Sheet. the Statement of Cash Flows and notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Finaneial Reporting Standard 102 The Financial Reporting Standaid applicable in the UK and Republic of IreLgnd (United Kingdom Generalty Accepted Accounting Practice). In our opinion the accounts.. give a true and fair view of the state of the charity'5 affairs as at 31st December 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scollandl Act 2005 and regulation 8 of the Charities Accounts (Scotlandl Regulations 2006. Basls for oplnion We conducted our audit in accordance with Intemational Standards on Audrting IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the elhieal requirements that are relevant to our audit of the accounts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclu81ons relatlng to golng concern In auditing the accounts, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the a¢¢ounl$ is appropriate. Based on the work we have perforrned, we have not identified any material uncertainties relating to events or conditions that, individu811y or ¢olle¢lively, may cast Signfir3nt doubl on the charity's ability lo continue as a going concern for 8 period of at least twelve rrK)nths from when the accounts are aulhorised for issue. Our responsibilities and the responsibil((ies of the Iruslees with respect lo going concern are described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the Trustees, report, other than the accounts and our auditor's report Ihereon. The Trustees are responsible for the other information. Our opinion on the accounts does not cover the other information and, except lo the exlenl olhemise explic1Y slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the accounts, or our knowledge obtained in the COLFrse of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on the Work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothlng to report in this regard.
CARNEGIE DUNFERMLINE TRUST Inde endent Auditor's Re ort to the Trustees of Carne ie Dunfermline Trust conlinued Matters on whlch we are requlred to report by exceptlon We have nothing lo report in respectofthe following mallers in relation to which the Charits'es Accounts Iscouandl Regulations 2006 requires us lo report to you if, in our opinion.. the information given in the accounts is inconsistent in any material aspect with the Trustees, report., or proper accounting records have not been kept., or the accounts are not in agreement with the accounts'ng records., or we h2ve not recefved all the information and explanations we require for our 8udlt. Responsibilities of Trustees As explained more fully in the Statement of Responsibilities of the Trustees, the Trustees, ale responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error. In preparing the accounts, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going conrn basis of aceounting unless the Trustees either intend lo liquidate the charity or to cease opemtions, or have no realistic alternative bul to do $0. Auditor's respopsibilities for tho audlt of thè accounts We have been appointed as auditor under section 44(1 Ilcl of the Charities and Trustee Investment IS¢olland) Act 2005 and report in accordance with regulations made under that Act. Our objeclwes afe lo obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorf5 report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstalemenl when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate. Ihoy could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misslatemenls in respect of irregularsties, including fraud. The exlenl lo which our procedures are capable of delecling irregularities, including fraud is detslled below.. A review of manual adjuslm&nls made in coming lo the accounts would identify any unusual adjuslmenls. Through gaining a detailed understanding of the business and operations this allowed for identification of irregularities. Review of minutes of board meetings throughout the period. Specific consideration was given to transactions with related parties. Reviewing the evidence provided by third parties lo ensure the value of Investments is correct. Because of the inherent limitations of an audit, there is a risk that we will not delecl all irregularities, including those leading to a material misslalemenl in the a¢¢ounts or non-complianee Mlh regulation. This risk in¢reases the more that compliance with a law or regulation is removed from the events and transactions reflected in the accounts, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud ralherthan error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresenlalion.
CARNEGIE DUNFERMLINE TRUST Inde endent Audi or's Re ort to the Trustees of Carne ie Dunfermline Trust continued A further description of our responsibilities is available on the Financial Reporting Council's website at.. hll s.'Ilww.frc.or .uklOur-VVorklAudiUAudil-and-assurancelSl2ndards-and- uidancelStandards-and- uidance- for-audi orslAudilors-res onsibililies-for-audiUDescri lion-of-audltors-res onsibilities-for-auéil.as This description forms part of our auditor's report. Use of our report This report is made solely to the Board of Trustees, as a body, In a¢Gordance wrth Regulation 10 of the Charities Accounts {S¢otlandl Regulations 2006. Our auditwork has been undertaken so thatwe might slate to the charity's Trustees those matters we are required to s18te to them in an auditor's report and for no other purpose. To the fltllest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed. Cf CT Audit Limited Chartered Accountants and Ststulory Auditor 61 Dublin Street Edinburgh EH3 6NL Dale.. 05 May 2026 CT Audit limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 10
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CARNEGIE DUNFERMLINE TRUST Balance Sheet As at 31 st December 2025 Notes 2025 2024 Flxed A88ets: Tangible assets Heritage assets Investments Total Flxed Assets 14 14 13 1,271,385 1,172,130 15267356 17710 871 1,178,564 1,172.130 14 201.630 16 552,324 Current Assets: Stock Debtors Cash al bank and in hand Total Current Assets 10,160 51,911 1501401 1563 472 9.166 60.241 1,403,673 1,473,080 16 Current Llabllltles.. Creditors.. Amounts falling due within one year 17 120.501 116.159 Net Current Assèts 1442 971 1356 921 Net A88ets 19 153 842 17 909 245 The Funds ofthe Charlty: Unrestrict8d funds.. General 563,483 133.035 696.518 606,733 128,937 733,670 Designated Total unrestricted funds 18 ReStrted funds." 18 38,630 15,587 Endowment funds.. Expendable endowment 18 18,418,694 19153842 17,159.988 17.909 245 The a¢¢ounts were approved by the Trustees on 30th April 2026 and signed on their behalf by.. HBC. MGCauslin MBE - Chair ker BA CA- Finance Convener The notes al pages 14 10 25 form part of these accounts. 12
CARNEGIE DUNFERfvILINE TRUST Statement of Cash Flows For the Year Ended 31st December 2025 Note 2025 2024 Net cash used in operating actlvltleg 20 97.738 120,073 Cash flows from invesling gclivibes.. Proceeds from sale of investments Purchase of investments Purchase of furniture, fittings, plant and equipment Sale of investment assets Loss on disposal of investment art collection Net cash frornllusgd inl investing activitlgs 1,484,564 11,273,923) (2,5401 2,848.227 {2,871,5951 19,8741 3,000 195466 30,242 Change In cash and cash equlvalonts In the year 97,728 1150,3151 Cash and cash equivalent brought forward 1,403,673 1,553,988 Cash and cash equlvalent carrled forward 1,501401 1403 673 Analysls of cash and cash equivalents Cash in hand Deposits Current account 362 1,275,171 225,868 691 1,389,546 13,436 1501401 1403 673 Analysls of changes In net debt At 31¥tDg 2024 At 31st Dec 2025 Cash flows Cash and cash equivalents 1403 673 1501401 The notes at pages 14 to 25 form part of these accounts. 13
CARNEGIE DUNFERMLINE TRUST Notes to the Accounls For the Year Ended 31st December 2025 Accounting Policies AGcounting Convention The accounts are prepared under the historical cost convention. as modified by the revaluation ol certain fixed assets al market value, in accordance with the Slalemenl of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 (effective 151 January 20191, the Charities and Trustee Investment {Scotlandl Act 2005 and the Charitie5 Accounts (Scotlandl Regulations 2006 {a5 amended). The Trust has onty basic financial assets and liabilities comprising investments, debtors, ¢ash at bank and creditors. These assets and liabilities are initially recorded at cost, in £ sterling which is the functional currency of the entity and subsequently al market value in the case of investments and in respect of other assets and liabilities al the amounts expected lo be received or paid. The Trust constitutes a public benefit enlily as defined by FRS 102. The Trustees are confident that the Trust has sufficient funds lo allow it lo Garry on for the next iwelve months. The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. b} Fund Accounting Unrestricted funds are available for use al the discretion of the Trustees in furtherance of the general objectives of the Trust. Expendable endowment funds relate to the permanent capital of the Trust and are represented mainly by investments. Gains or losses arising on the sale of tangible fixed assets and investments form part of the fund. Transfers are made from expendable endowment funds to unreslricled funds in accordance with the lolal return mandate, Incom8 r8cognilion All income is recognised in the year in which it is recenied and when th8 value of the incoming sources can be measured with sufficient reliability. Income arising on the expendable endowment fund can be used in accordance with the objects ofthe Trust and is included as unreslricled income. Where the Trustees consider that exceptional dividends have been received which represent a repayment of capital lo shareholders, such dividends shall be included as income of the expendable endowment fund. dl Expenditure reCognitn Expenditure is recognised on an accruals basi5 as the liability is incurred. Charitable expenditure comprises those costs incurred by the Trust in the delivery of ils activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary lo support them in¢luding governance costs. Govemance costs include those costs associated with meeting the constitutional and slalutory requirements of the Trust and Include the costs linked lo the Strategic management of the Trust. Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed lo pay the grant wilhoul condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching lo the grant is outside the Control of the Trust. Provision is made for grants whioh fall to be recognised under this policy but are unpaid at the year end. 14
CARNEGIE DUNFERMLINE TRUST Notes to the Accounts For Ihe Year Ended 31st Decèmber 2025 el T8ngible Fixed Assats including Heritage Assets and Depreciation Social investment property and the art collection investment are stated al valuation and are revalued periodically. Heritable property and furniture, fittings, plant and equipment are slated at cost less depreciation. Depreciation is provided at rates calculated to write off the c05t less estimated residual value of each asset over ils e¥pe¢ted useful life, as follows.. Buildings Furniture, fittings, plant and equipment 2 /0 Straight line 5- 25V¢ Straight line The Andrew Carnegie Museum Collection is shown separately as a heritage asset. The Collection is stated al valuation and revalued periodically. Heritage assets which are held for the benefit of the wider Community. not the Trust, and on whi¢h a reliable estimate of fair value cannot be placed are not recognised in the balance sheeL Expenditure on furniture, fittings, plant and equipment in excess of £1.OOD will be capitalised unless the expenditure relates lo an asset shared with the othe¥ three Trusts (note 21 Gains and losses on revaluation of tangible assets are recognised as such in the Statement of Financial Activities. Fixed Asset Investm8nts Fixed asset investments are included in the Balanc& Sheet al market value. gl VAT The Trust is not registered for VAT. However. the Andrew Carnegie Birthplace Museum made a successful application under the provisions of Section 33a of the VAT Act 1994 and are now included on the list of organisalions in the VAT (Refund of Tax lo Museums and galleries) Order which can reclaim VAT on expenditure relating specifically to free entry. Where appropriate, expenditure relating directly to the free offer at the Andrew Carnegie Birthplace Museum is shown in the accounts net of VAT. All other expenditure includes VAT where appropriate. hl Pensions The Trust operates a defined contribution pension scheme for its employees. Contributions payable for the year are Charg to the SOFA. The assets of the scheme are held separately from those of the Tru51 in independently administered funds, Relatèd party transaetlons Th8 Trust shares common Trustees and administration with the Carnegie Hero Fund Trust. The Carnegie Dunferm1ine Trust makes payments and collects sums on behalf of the Carnegie Hero Fund Trust and therefore there may be at any time 8 balance oulstanding beeen the Trusts, details of which are given al note 16. The Trust shares ownership ofAndrew Carnegle House with the Camegie Hero Fund Trust, the Carnegie United Kingdom Trust and the Carnegie Tfust for the Universities of Scotland. The Trust is responsible for an agreed proportson of the shared running costs of the bullding. Transactions wlth Trustegs and Trustees, oxpense8 The Trustees all give freely of their time and expertise without any form of remuneration or benefit in cash or kind other than reimbursement of expenses. There were no expenses paid lolon behalf of Trustees during the year or in 2024. 15
CARNEGIE DUNFERMLINE TRUST Notes to the Accounts For the Year Ended 31st December 2025 Taxatlon The Trust is recognised by HM Revenue & Customs as a charity and as the Trustees believe that all income and gains f811 within the tax exempts'ons grantod lo charilies, no liability 10 18x arises in the year. Net galn on investment assets 2025 2024 Realised Ilossllgain on sale of investments Inote 131 Loss on disposal of investment art collection Unrealised gain on revaluation of investments (note 13) Unrealised gain on revaluation of social housing (note 141 Unrealised gain on revaluation of investment art collection {nole 141 119,1731 (12,6351 1,295,540 108,000 14,610 1,386,342 260,896 706,023 966,919 Between 2008 and 2017 the Trust sold several paintings from the investment art collection. These paintings were originally purchased with the help of 5DOh funding from RSA. Vwhen these paintings were sold, the Trust was obligated to return 500/0 of the sale proceeds. This did not happen al the time of sale bul has now been rectified. £12.635 has been returned to the National Fund for Acquisitions and included in these accounts as a loss on disposal of investment art collection. The nel gain on investment assets was allocaled to endowment funds in 2025 and 2024. 16
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CARNEGIE DUNFERMLINE TRUST Notes to the Accounts For the Year Ended 31 st December 2025 10. Grants payable Grants payable in 2025 a slated after adding back £2,99012024- £5,650} for grants awarded in previous years which will not be claimed. During the year grants ranging in total from £21110 £10.000 were awarded to 45 different, schools, clubs and asso¢ialions. In 2024 grants ranging in total from £120 to £15,000 were awarded to 51 different. schools, clubs and associations. There were no grants awarded lo individuals in either 2025 or 2024. The following grants awarded exceeded 10A of total income.. 2026 2024 Carnegie Primary S¢hool- Special activity fund Dunfermline Pipe Band- new kills Dunfermline Amateur Swimming Club- new starting blocks Dunfermline & Wesl Fife Sports Council - Primary School coaching & sports festival Fife Council - Christmas lights switch on Headwell Bowling Club- Heatlng System National Theatre Scotland - Ibve touring theatre Outwith Festival Panlo lickels Aerospace Scientific Educational TTUSt- Primary school STEM work shops Dunfermline Alhlelic Supporters Club - towards lfft and toilet Dunfermline Regeneration Trust- Medla City Project Townhill Primary School- Trim Trail Visit Dunfermline- Jousting event al Bruce festival 6,600 4,750 5,214 6,820 9,5SQ 5,000 5,000 5,000 10,000 5.000 15.000 5,000 7,500 5,000 4,860 5,000 7500 56,680 64,993 121673 56,114 57,057 113,171 Aggregale grants awarded which fall below 1 OA of total income 11. Musoum Operatlons Unrestrlcted fund General Museum Fund Development Restrfcted fund Total Year end 31st December 2025 2025 Salaries Inole 121 Building Maintenance Depreciation (note 141 other Expenses 118,133 26,429 16,798 49,502 210 862 118,133 26,429 16,798 49,502 210,862 Unrestrictod fund General Pjluseum Fund Development Restrictod fund Total Year end 31st De ember 2024 2024 Salaries (note 121 Building Mainlenan¢e Depreciation (note 141 Other Expenses 101,158 29,035 16,180 101,158 29,035 16,180 34,909 181282 181,282 19
CARNEGIE DUNFERMLINE TRUST Notes to the Accounts For Ihe Year Ended 31st December 2025 12. Analysls of staff costs and remuneration of key management personnol 2026 2024 Wages & salaries Social security costs Pension cost$ 199,231 10,849 12,595 222,675 176,403 8,183 11,255 195 841 Average number of employees during the year was.. Office, administralion and support staff Equating to'.- Full-time equivalents 14 13 Average number of above employees shared with Carnegie Hero Fund Trust during the year was.. Office, adminislralion and support staff The Trust considers its key management personnel lo comprise the Chief Executive Officer. The post of Chief Executive Officer is shared between the Carnegie Dunfermline Trust and the Carnegie Hero Fund Trust. The total remuneration for the post, excluding pension costs. is £68,156 {2024 £66.6581 that Is then split 75% to Carnegie Dunfermline Trust and 250/0 lo Carnegie Hero Fund Trust. Trustees give their time free of charge. Total employment benefit including employer pension contributions and employer national insurance contributions of the key management personnel, allribulable to this Trust Was £62,064 (2024 - £59,951). Pension costs comprise the employer contributions payable by the Trust to the Trust pension scheme for the year. All staff costs were allocated to unreslricled funds in 2025 and 2024. 13. Flxed A8$et Investments 2025 2024 Market value a11sl January Disposals al opening market value Additions al cost Unrealised gain on revaluation in year Market value at 31st December 14,201,630 13,211,343 (1.503,7371 12,587.3311 1.273,923 2,871,595 1.295,540 706,023 15,267 356 14,201630 Cost al 31st December 12,137,157 12,347,312 Disposal of investments resulted in prOed$ of £1,484.56412024 £2,848.227} and realised loss of £19,17312024- realised gain £260,896). All investments are traded in quoted public markets, prlmarily the London Stock Exchange. The significance of investments lo the ongoing financial sustainability of the Trust is considered in the financial review section of the Report of the Trustee5. Investments that comprise more than 5°h of the portfolio are as follows= 2025 2024 GEMCAP Investment AHFM Defi'ned returns 926,857 893 241 20
CARNEGIE DUNFERMLINE TRUST Notes lo the Accounts For the Year Ended 31st Dernber 2025 14. Tangible assets and Heritagg assets Furnlture, Social Investment Fltting5, Investment Assets- Art Plant & Property Collectlon Equlpment Totsl Tanglble Asset$ Land & Bulldlngs Heritage A888ts Cost or valuation At 1 st January 2025 Disposal Additions Revaluation Al 31 st De¢emlJer 2025 1,242,844 77.000 226.315 536,268 2.082,427 1,172,130 113,4361 113,436} 2,540 2,540 122,610 525 372 2 194.141 108000 185000 14,610 240 925 1242 844 1,172 130 Dopreci81ion Al 1st January 2025 Disposals Charge for the Year 394,886 509,177 113,4361 8,597 903,863 (13,4361 32,329 23,732 At 31st December 2025 418,418 504 338 Net Book Value At 3151 De¢ember 2025 824.426 185.000 240.925 21,034 1271,385 1172,130 At 31 sl December 2024 848 158 77,000 226 315 27.091 1178 564 1.172,130 Land and buiklings comprises the Birthpla¢e Museum and the Trust's share ofAndrew Carnegie House. Inole 21 Social Investment Property was revalued in October by Graham & Sibbald. Social investment property is now valued al £185.000 an increase of £108,000. {note 51 The Art colle¢tion of the Trust wa5 revalued in December by the Scottish Gallery, Fine Art Dealers. Edinburgh and is now valued al £240,925, an increase of £14,610. (note 5} bl dl The Andrew Carnegie Museum Collection has been classified as a heritage asset in the Balance Sheet. The collection. which is housed in the Birthplace Museum, forms part of the endowment fund. The collection is revalued periodically and was last valued in 2021 at £1,171,980. In 2022 the Trust purchased a key gifted by Andrew Carnegie on the opening of Lauder College al a ¢ost of £150. This was added to the collection. The value brought forward al the beginning of the year wa5 £1,172,130. In the opinion of the Trustees the carry forward valuation is appropriate a131st December 2025. These assets are inalienable and will never be sold. There are certain properties in which the Trust ha5 reversionary inleresls. These interests are not included in the Balance Sheet. In addition, Ihe Trust holds the ownership of Pitlencrieff Park which is an inalienable asset and as such, has not been valued in the Accounts. 21
CARNEGIE DUNFERMLINE TRUST Notes lo the Accounls For the Year Ended 31st December 2025 15. Summary analysls of Herltago assets 2025 2024 2023 2022 2021 Transfer from fixed assets Purchases 25,275 150 Total additions 150 Gain on revaluation 446,536 16. Debtors 2025 2024 Prepayments Income tax recoverable Amounts owed by associated undertakings Inole 21 Other debtors 4,450 3,658 9,298 34.505 2,969 3.634 12,982 60,241 17. Creditors: Amounts falling due wlthln ono year 2025 2024 Grants Payable Accruals Other cdItOrs 65.728 41,234 13.539 120,501 65.245 27,515 23,399 116,159 22
CARNEGIE DUNFERMLINE TRUST Notes to the Accounts For the Year Ended 31st December 2025 18. Movement In Funds Year end 31 sl December 2025 At 1stJan 2025 Incoming Resources Outgoing Resourc9$ R¢valuatlon Transfers At 31st Dec 2025 Endowment Fund8 17 159.988 26,465 1,386 342 101171 18418 694 Restrlcted Funds Better World Books - literacy grant CCNY- Pillencrieff Park Ambition project CCNY-Andrew Carnegie Birthplace Museum Total restrlcted funds 3.500 3,500 12,087 3,959 19,946) 6,100 88,917 59 887 29.030 Unrostricted Funds Desi naled Funds Capital projects Museum development Pittencrieff park Total Designated Funds 121,796 5,141 121.796 5.141 6,098 133,035 6,098 6,098 126,937 General Total unrestrlcted funds 606,733 733 670 406 583 406 583 544 906 563.483 696,518 101,171 Total Funds 17 909 245 499 459 1.386 342 19 153 842 Year end 31 st DeGember 2024 At 1$tJan 2024 Incomlng Outgolng Resources Resources Revaluation Transfers At 31st Dec 2024 Endowment Funds 16311821 966 919 17 159 988 Restricted Funds Better World Books- literacy grant CCNY- Pitlencrieff Park Ambition project Scottish Council mens shed ¢onneclivity Total restricted funds 3,500 3,500 46,438 4,192 {38,5431 12.087 53,742 Unrestrlcted Funds Desi naled Funds Capital projects Museum development Total Deslgnated Funds 121,796 5,141 126,937 121.796 5,141 126,937 General Total unrestrlcted funds 606,218 733 155 411,183 4q1183 503 750 503 750 93,082 93,082 6C.733 733,670 Total Funds 17 098 718 415 375 571767 966 919 17 909,245 23
CARNEGIE DUNFERMLINE TRUST Notes to the Accounts Forlhe Year Ended 31st December 2025 18. Movement in funds Icontlnuedl oses of Funds Exppndable endowment fund The expendable endowment fund is the capltal of the Trust and is represented mainly by tangible fixed assets and inveslmenls. Included within the endowment fund is the original sum donated by Louise Carnegie in 1925, to assist with the day lo day running of the Birthplace Museum. 80th the capital element and income aTising on the expendable endowment fund can be used in accordance with the objects of the Trust. Income arising is included as unreslricled income. Where the Trustees consider that exceptional dividends have been received which represent a repayment of capital to shareholders, suGh dividends shall be included as income of the expendable endowment fund. Any gains or losses arising on the tangible fixed assets and investments form part of the expendable endowment fund. Al the end of2021 the Board resolved to change the investment mandate lo that of total relum. In January 2022, the new mandate was signed, and a new total return investment policy was introduced which would allow drawdown of capital growth on inveslmenls. During the year there was sufficient investmenl growth to allow a drawdown of funds under the new total return mandate and £101,171 was transferred from the endowment fund to the unrestricted fund12024 - £93,082). Restri¢ted funds Better World Books The Trust received a grant of £3,500 in 202110 help promote and encourage literacy. Carn ie Cor OTation of New York- Pittencrieff Park Ambition ro ecl The Trust was awarded a grant of $150,000 for the Pillencrieff Palk Ambition Project. The first tranche, $103,3001£83,5231 was paid in 2022, the second tranche $35,9001£29,745} was paid in 2023, the third tranche $5,4001£4,1921 was paid in 2024 and the final tranche $5,4001£3,9591 was paid in May 2025. Carne ie Cor oration of New York- Andrew Carne ie Birth lace Museum The Trust was awarded a grant of $200,000 lo support the Andrew Carnegie Birthplace Museum. The first tranche, $120,000 (£88,917) was paid in April 2025. Scottish Council The Trust received a grant in 2023 on behalf of Dunfermline Men's Shed, to improve IT connectivity in Iheii workshop which is located in Pittencfieff park. This funding was fully utS1ised in 2024. Designated funds ro ects: Funds sel aside for future capital projects in the town. Museum develo ment.. Funds set aside for planned Museum development. Pittencrieff Park The Trust received donations of $7.500 1£6,0981 during the year, lo help fund projects. Trustees have set these donations aside as a designated fund for Pittencrieff Park. Unrestrlctèd funds Unreslricled funds comprise those funds which the Tiust is free lo use in accordance with ils charitable objects. 24
CARNEGIE DUNFERMLINE TRUST Notes to the Accounts For Ihe Year Ended 31st December 2025 19. Analy81s of net assets among funds Gèneral Designatod Restrlcled Endowment Total Tangible assets Heritage assets Investments Current Assets Current Liabilities As al 31st December 2025 21.034 1,250,351 1,172,130 15,267,356 735,804 6,947 18,418,694 1,271,385 1,172.130 15,267,356 1,563,472 120.501 19 153,842 656,003 113,554 563 483 133.035 38,630 133.035 G8noral Designated Restrlcted Endowrnent Total Tangible assets Heritage assets Investments Current Assets Curfenl Liabilities As al 31st December 2024 27,091 1,151,473 1,172,130 14,201,630 641,288 6,533 17,159 988 1,178,564 1,172,130 14,201,630 1,473,080 116,159 17 909 245 685,068 105.426 606,733 126,937 19,787 126 937 15,587 20. Reconciliatlon of movement in funds to net cash flow from operatlng a¢tlvltles 2025 2024 Nel movement in funds including investment income Depreciation Gains on investments Ilncreasellde¢rease in stock Decreasellincreasel in debtors Increase in creditors 1,244,597 32,329 11,386,342} 19941 8,330 4,342 810,527 31,341 1966.9191 938 (7,8741 11,914 Net cash used in operatlng activities 97,738 120.073 Investment income has been shown as part of operating activities as it Is Ihe Trusfs principal source of income and determines the level of expenditure in any given year. 25