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 De￿mber 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 be￿een 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 carn￿1&
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
RegiSte￿d 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..
se￿cl 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 Sign￿fir3nt 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 explic1￿Y 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 con￿rn 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

¢5) 0
17J ¢n
oo*
(D￿ts)

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
ReStr￿ted 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 reCognit￿n
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 be￿een 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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￿￿￿tr)[La<0

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$et Investments
2025
2024
Market value a11sl January
Disposals al opening market value
Additions al cost
Unrealised gain on revaluation in year
Market value at 31st December
14,201,630
13,211,343
(1.503,7371 12,587.3311
1.273,923
2,871,595
1.295,540
706,023
15,267 356
14,201630
Cost al 31st December
12,137,157
12,347,312
Disposal of investments resulted in prO￿ed$ 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 De￿rnber 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 c￿dItOrs
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