Nan Stevenson Charitable Trust for Retired Ministers Scottish Charity No. SC015868 Financoal Statements For the year ended 31 December 2025
Nan Stevenson Charitable Trust for Retired Ministe TRUSTEES Mr Magnus Ross Mrs Christine Thomas (to Mafth 2025) Rev Alan Ward (to Septembar 2025) Mr Brian Murray Rev T David Watson Mrs Chrisline Murray Rev Noel Chikanya (from Odober 2025) Mr Andre Morton (to May 2025) Mfs Gillian Lynn (from June 2025) SECREfARY & TREASURER Mr J Fulton Murdoch Blad(dales House 34J CharS Street Largs KA30 8HL BANKERS Royal Bank of Scotsnd plc Main Street Largs KA30 8AF sOUcoRs The Church of Scotland Law Departrnent 121 George Street Edinburgh INDEPENDENT EXAMINER Mr lan Ferguson 61 AFtken Drive KA15 2ER
THE NAN STEVENSON CHARITABLE TrUST FOR RETIRED MINISTERS TRUSTEES REPORT For th• year Ond 31 D•¢Mnb•r 2025 FINANCIAL STATEMENTS The Trustees present their report and financial statements for the year ended 31 Decembei 2025 which they consider comply with The Charities Accounts {ScoUand) Regulth'ons 20(. In particular. as ts Income of the Trust does not exceed £250.000 the fonn prescrl)ed by Section 9. a Retsipts arKI Payments Account and Statement of Funds with relevant Report and Notes. has been adopted. It is the Trustees. responsibilty to prepare this Report and Ac(Xnts a1 to maintain adequate records sufficient to disclose with reasonable accuracy at any time the financial position and to safeguard the assets of the Trust arKI take reasonable steps for the Preventi of fra and other irregularities. FINANCIAL RESULTS Receipts during the year tolalled £12,585 {2024.' £13.264) which comprised Loan interest receipts of £2.661, Deposit Fund interest of £6.000, Bank interest of £82 and inveslment income our Gr(Avth FurKI of £3.842. No loans were redeemed during the year. Payments during the year were £42 {2024: £32) which was payment for newspaper noti of AGM. In addition. a grant of £3,995 was made for the purchase of a Braille reader and a Joan of £120.000 made to support the purchase of a house. Overall, there was a deficit of £111.452 for the year (2024: surplus of £13.232). Total Funds at the end of the year amouthed to £535,324 (2024.. £526.775). The value of Gr(y•Ah Fund at 31 December 2025 was £195.825 (2024. £181.594). PURPOSES OF THE TRUST The Trust was created by the late John Slevenson under Trust Deed dated 18th July 1988 in memory of his late wife, Nan. to assist principalty with th& provision of IK)using in retirement for Church of Scolland Ministers but also Deacons and Missionaiies, who have ministered or been resident in North Ayrshire and. wilh discretion. Ottr Ministers, Missionaries or Deacons. The 0Inal Twst Deed was amended in 2021 to include persons in a recognised ministry wthin the Church being eligible to apply at. slighty before or after reliremenl and lo allow the Trustees to award grants as £11 as loans. These changes maintsin the orwJinal purposes of the Trust but refiecl changes in soc*. TrUSTEES The Trust Daed provides that administralion of the Trust be by Trustees who are members of the Presbytery of the South West. including two who represent Largs. The Trustees who acted during the year are ltsted on Page 2 of these statements. The Moderator of Presbytery and Presbylery Clerk are ex-officio Trustees and the mJeratOr acts as Chaimian of ts Trust during his or her period of office. In the event of a vacancy for Trustees, this is discussed wilhin the Presbytery who appoint apprcf)riate membefs as required. NominalK)n and appointrnent is therefore independent of the existing Trustees.
AcnvmES The Trnstees are always ready to assisl those eligible as and when required. The Trust is empowered to assist cerlain applicants who are otherwise ineligible for assistan or who require additional assistance from The Retired Ministers, Housing and Loan Fund of Ihe Church of Scolland and has co-operated with such cases in the past. The TTUStees hope that being part of an expanded Presbytery will result In an increase in approaches to the Trust for funding. During 2025 arb application was made ts a grant towarts the plChaSe of a Braille reader and this was granted in the amount of £3.995. An application was also received for a loan towards the purchase of a house for a retirin9 Minister and a loan of £120.000 on a Shared Appreciation basis was approved. RESERVES The Truslees maintain a small affrt)unt of funds for running Tequirements in a Royal Bank of Scotland current account. The Twustees retain a reasonable amount of funds should it be required for lending purposes in a Church of Scotland Investors Trust Deposit Fund. INVESTMEKr poucy Surplus funds are invested in a Church of SlIand Investors Trust Growth Fund. At the end of December 2025 the market vaue was £195.825 (2024: £181.594) at a cost of £150,000. DONATED SERVICES The Trust is relieved of virtually the whole (x)st of administrdtion through the voluntary services of all the Trustees. induding the Secretary & Treasurer. The preparation and examination of accounts is carried wt free of charge. Signed on behalf of the Trustees Magnus Ross, Trustee Date..
THE NAN STEVENSON CHARITABLE TRUST FOR RETIRED MINISTERS FINANCIAL STATEMEPWS For the year endad 31 December 2025 RECEIPTS AND PAYMENTS ACCOUKr 2025 2024 RECEIPTS Investment income Loan redemption Shared appreciation gain TOTAL RECEIPTS 12,585 13,264 PAYMENTS Administration expenses Legal expenses Investments Grants Loans advanced TOTAL PAYMENTS EXCESS OF PAYMENTS OVER RECEIPTS 42 124037 32 BANK BALANCES brought frnrd Excess Relpts1(PaYffl8nt$) BANK BALANCES AT 31 DECEMBER 2025 5 INVESTMENTS AT 31 DECEMBER 2025 LOANS ADVANCED 144.575 111451 33,124 150.000 131,343 144,575 150,000 TRUST FUNDAT 31 DECEMBER2025 52 77 The Report and Finaal Statements were approved by the Trustees. Magnus Ross Trnstee J Fulton Murd(Kh urer
THE NAN STEVENSON CHARrrABLE TRUST FOR RETIRED MINISTERS NOTES TO THE FINANCIAL STATEMENTS For the y•ar onded 31 D•cember 2026 1. BASIS OF PREPARATION The Financial Statements have been prepared on a ReIpts and Payments basis and in accordan with Section 9 of the Charthes ACCnts (Scotland) Regulations 20. Invesbments are included in the Trusvs assets at the I0r of cost or market value. 2. INVESTMENT INCOME 2025 2024 Deposit interest received Bank interest received Dividends recived Loan interest received 6.681 79 3,843 82 3,842 3. TRUSTEE REMUNERATION No Trustee reCeIj remUrat1 or expenses duriNJ the year. 4. INVESTMENTS 2025 2024 Cost Market Val S. BANK BALANCES 2025 2024 Church of Scotsnd Investors Trust LWit Aco)unts 27,644 Bank Account 134.801 6. LOANS 2025 2024 Loan6 advanced brought forward Loans advanced in the year Loans redeemed in the year 231200 232,200 120.000 Loans advanc•d at 31 December 2025 352 LCnS are presentty Provided to 6 (2024: 5) recipients.
THE NAN STEVENSON CHARITABLE TRUST FOR RETIRED MINISTERS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES ON THE ACCOUNTS OF THE TRUST FOR THE YEAR ENDED 31ST DECEMBER 2025 I report on the accounts of the Trust for the year ended 31 December 2025 which are set out on Pages 1 to 6. Respective responsibilitiés of Trustees and examlner The Trustees are resF)onsible for the preparation of the accounts in accordance viith the tems of the Charib'es and Trustee Investmenl (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The Trustees consider that the audit requirement of Regulation 10(1) (d) of the Accounts Regulations does not appty. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention. Basis of independent examinees statement My examination is carried out in accordance ryth RegulatK>n 11 of the Charities Accounts (Scotland) Regulations 2006. An examinati( indudes a review of the accounting records kept by the charity and a mpariSon of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and Seeks explanations from the Trustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. Independent examinees statement In the course of rny examination. no matter has come to my attention 1 which gives me reasable Cause to believe that in any material respect the requirements: to kp accounting records in ac£ordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regu1alKS, and to prepare accounts wthich accord wrth the accountj'ng records and comply with Regulation 9 of the 2006 Accounts Regulations have not been met, or 2 to which. in rny opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. Signed Date gg fts£oA£Y Zoz lan Ferguson Chartered Accountant (ICAS) Independent Examiner 61 Aitken Drive Beith KA15 2ER