THE CHURCH OF SCOTLAND TRUST TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31st December 2025 Contents P*ge Trus¢ees' Annuul R¢por¢ Reference Ydnd Administrative Det#il¥ Structure, Governance and Management Financial Review Rl$k M#n¥gemenl Objectives, Activities, Achievements Performance Future Developments Independent Auditors, Rcport to the Truytee Statement of Financial Activitle 13 Balan¢¢ Sheet 14 Statement ()f Cash Flow% 15 Notes to Financial Statements 16 Scottish Charity Lyo SC020269 THE CHURCH OF SCOTLAND TRUST TRUSTEES. ANNUAL REPORT I. RFFF.RFNCE AND ADMINISTRATION DETAILS cotti8h Chari SC02U269 Number OffieeB 121 Lieorge S'trcet Edinburgh F.H2 4YN Names of Trustee8 durin .eon Marshall. Chdlr; Morag) Angus. Vice Chair; 'I'hom45 L Watsun. Angus W 14eihune; John P C'halmers.. John M I lodge. E Lnrna Flood; Christopher N Mackay. (jLorge J Whyle. Valerie Macnivcn and John Cowie (Frnm l JunL 2025) ear and ay at the d4te hcreof Banker8 Royal Bank of Scotlund 36 Si Andrcw Square F,dinburgh EH2 2AD Mercantilc Discount B￿￿k 1113 All¢nby Sireei Tcl Aviv-jaflil, Israel Auditor RSM UK Audil LLP Third Floor 2 Semple Sire¢l Cdinburgh P.113 8BI, Secreta and Clerk Mnd knlicitor Madelainc Sproule Church uf Sc(>ilund Law Department 121 Geor&J¢ Sir¢et F,dinburgh EH2 4YN TrcAsurer Jenny Simpsun (Retired 12, December 2025) Leanne Thompson {from 15 December 2025) Church ol. SLoiland Stewardship and F inance l)epartTnent 121 Gcorgc Strcct, Cdinburgh, El12 4YN THE CHURCH OF SCOTLAND TRUST TRUSTEES, AINNUAL REPORT 2 STRUCTURE C:()VF.RNANCE AND MANAGEMEIYT Const&tution Th¢ Chur¢h ofscoiland Trusl is a slalulory corporation. established by the Church of SLUtland Trust Ordcr Confirmation Act 1932. as amended by the Church of Scotland Trust (Amcndmcnl) Ord¢r Confimiaiion Act 1948, Ihe Church of SLoiland 'lrus1 Order Confirmalion Act 1958, the Church of Scotldnd Trllsl (Amendment) Ord¢r Lunfirmalion Act 1985 and iliL ChuTLh of Scotland (Properties & Inveslm¢nls) Order Confirmation Act 1994. The 1932 Act tran5ferrL'd Ihree types ofpropcrty lo the Church of Scotland Trust as it had be¢tt a¥rccd that thc newly unitcd Church would create a single body of Irusle¢s to hold such prop¢rti¢s and inveqlmenls.. Her11￿ble prupertie5 and invLslmenls held by lh¢ Church of Scotland Ci¢ncral Trustee.4 under the Church ol'S¢oilaiid {General TrusleLS) Order Confirniation Acl l 921 so far as they did nol f811 within thc provisions of Ilie Church of SLoiland (Property & b.ndowmenls) Aci 1925. Heritabl¢ propcrtic.% and invL4tmenis held by ihu Generdl -1 TU51LLS of the UnilLd l.rL'e chU￿h and thc Ilniled Free Chur¢h ofscoiland 'l'riist. Heritabl¢ prop¢rtics and inv¢slments held by or vested in individual IruslLLs. In tLrms ofthL. 1994 Act, on I st January l 995 the investment funclion of Ihl ChurLh uf Scotland I'rusl was Iransfurred lo a nuw slalutory corporation. the Chureh uf SLOtlund Invc%lors 'l'rust. Trust The Tru.ql currently has ¢lLven Trustee5 und in terms ol. ils consliiLiiion ihe number of TruslLes must not ¢x¢L'¢d twenty. 'I'hc .1 ruslees must bc members of IhL ChurLh of SLuiland and arc appi?intcd by the General Assembly ol-the LhurLh of Sloiland un IhL n()Ininalion ol'ilie Trusl. Two Trusie¢s, oihLr ihaii IhL Chr¢imLnl b¢lwi¢n thi l-ruNI #nd IhL U over thc donation of interesl and leasL paymLnl% rcLcivLd by thi -1 rust. N(> puymLnls have been made lo thc UE in the year, bul will Ix made when nioni¢s are receiv¢d from lh¢ ¢stablishm¢nts in Isracl. In 2U25 no Lapital and interest payments were reLeived from St Andr¢ws Cialilee Limiled and SL Andrew's 8¢Dtti8h Cciilr¢ LimitLd i() Ihc 'l-ru%l with r¢gards lo thi l()ans, and as a resuli ihe Trust made no loan r¢paym¢iils lo ihL UE- IhL ¢apilal paymin15 dnd donaled int¢r¢st paym¢nls will b¢ paid to th¢ IIF. on r¢ceipt of the loan repaymenls from the eslablishmenls in Israel. These repayments remain outstandiiiLT lo the IIE at 31 Ik¢emb¢r 2025- the donated interest payments are includcd in Crcditors (Loan Intcresl) and the loan r¢paym¢nts wiihin Cr¢dilors #nd Long l¢mi Liabilili¢s. THE CHURCH OF SCOTLAIYD TRUST As no lease payments were received by the Trust in th¢ year from Si Andrews Galilee Limited or St Andrew's Scottish Cenlrc Limitcd, these donalions remain outstanding to the UF. at 31 December 2025 and arc includgr¢s.q haq bccn mad¢ with the Iransf¢r of Murray ChrisliaTt Loll¢8c in Sialkot lo an aliLrnalivc Chri51i4in LollcgL. 'l-hL Cjuvernmenl in Pakislan have slill io pri)LL8.% IhL dLlldti(Inalisalion whi¢h is a prerL'4LliSite for Ihe transfer ofihe College to anoihcr Christian LduL'ational eslablishmenl. Represlnlulives of the Trust and FAPI,T continue to meet with Dr Peter DRvid regularly lo monilor developmenls and agree future slralegy. -l-h¢-I'rust will conlinuc lo ¢nd¢avour lo achi¢ve ils obj¢ctiv&8, with Ilie hLlp of Dr David and his many conla¢ls in Pakistan. The ChLirch of Si()Ilund 'l-ru%l holds hLrilabl¢ propertiLs on behalf of the Llnincorp()ratcd EnLitic.4, Cotnmittccs, CongrcgFations and othcr agcnLi¢S ofihe Church ofs¢oiland. 'I'hcsc propLrties arc nol recorded in Ihe Accounis of the I'rusl bul are recorded in th¢ A¥L()unts of th¢ bodies on whose b¢half the titles are hcld. Thc Trusi holds propcrty as a bar¥ Iruilce and ihe bencficial owner must indcmnify any losse.%.%uffercd by the Trus1 due lo its P05ilion as tille holdcr. THE CHURCH OF SCOTLAIYD TRUST TRUSTEES, AIYNUAL REPORT 5 OWEC'fIvES, AcfiviTIES, ACHIEVEMENTS AND PERFORMANCE (continued) Third Parl Trusts 'l-hc Trust adminislers various'l'hird Party 'l'tw.sts which benefit different areas of the work of the Church of Scotland dnd which have a combii)ed value as at 31 D¥LLmbcr 2025 of £9.0 million (2024 - £8.3 million). As indicllted previolisly the Trust rLvicw% all of Ihe Third Party Trusts il adm iniqlers on an annual ba414. Thc valuL' of the funds is reflecled within the mi%LLllanL(>u.% funds of (he UninLorporaled r.nlilies of the Church of Scoiland (Scottish Charity NumbL T SCO 11353) as Ihe purposes for which these fiinds Can b¢ utilised are not the purposcs of thL .1 rust, bui purp)ses ol. the UF., FAPI.I' and CommittcLs of the General Assembly of the Church of Scotland. ConL)r¢Lyalions ofihe Church and olher Church related work. {¢) Act 112016- Thc Inlernalion#l Pre¥b le Ac Since the Qieneral Asscmbly uf 2016 all cungregalions in the Inlernational Prc8bytcry rcquirc thc appruval of both IlrcsbylLry and the Lhurch of Scoiland '[ ru%t f()r Id) any L'xtensivL alteriidtions lo their buildingls: (b) any property purchase and (c) thc Ica8c of any property in ¢xc¢s5 of one year. The Trust ¢ontinucs to work with Ihe Inlernalional l>rLsbyl¥ry lo fulfil Ihese responsibiliti¢s. The 'l'ru41 biivcn approvdl for numhcr i)fpr()pcrty relaied mallers in the last year. bvcry LongprLL?iilion in the Iiiternalional Pr¢5bytL'ry is rcquired tu produce a Property Rewrt to Presbyiery ach ycar with dllllils of the management, maintcnunLL and insurttncL l)f LollgTfLgalional buildings. The Trust r¢vi¢w8 the Lonlents uf the Propefly Report% on an annual b&si.%. 6 FUTURE DF.VF.LOPMENT The Trust will endeavour lo rccruit new -l-rusl¢cs wilh the requisile exp¢ri¢n¢e and skills and will continuc lo deal with matters ofadminislrulivn rL'luling lo the h¢ritable property it own¥ ovcr.SLas and thc'l'hird Party 'l-ru818 a8 and whLn rLquired. L Marshydll Ch￿Ir M. gprouls Madelaine Sproule Secretary and Clerk F.dinbur2h Date.. 04103126 THE CHURCH OF SCOTLAND TRUST INDEPENDEwf AUDITOR'S REPORT TO THE TRU.8TEES OF THE CHURCH OF THE SCOTLAND TRUST Opinion We have audiled Ihe financial statements ofThe Church ol Scotland Trust (the 'charily') for ihe year ended 31 DecLmbcr 2025 which comprisc thc Sialemenl ol- b inanLial Activities, the Halance Sheel, the Statement ot'cash Flows and note5 to the linancial slalemenls, including) siginificanl accounting policies. 'lThc findllLial rcporting framcwork that ha5 bLcn applicd in thcir prcparalion is applicablL law and Unitcd Kingdom Accountin¥ Standards, including FRS 102 'Thc Financial Rcporting Standard appliLdblc in Ihc UK and RcpubliL uf Ircland" (Unilrd Kingidom (i¥ncrulalion5 idenli fied during the audil, In rLlalion to fraud. thL' objectives ofour audit are lo idenlify and assess the risk ofmalerial misslalement f the financial stulLmcnls due to fraLid. to obtain 5Liificienl appropriale audil evidence regarding the assesscd risk.s of material misstalcmcnt due lo Iraud through dcsigning and implcmL'nlingJ appropriatL responscs and lo respond appr()prialcly lo fraud or suspcclLd fraud idcnlificd during th¢ audil. I lowever, il is the primary responsibility of management, with the oversight of Ih<)%c Lhargcd with govum&nLL, tu Lnsurc (hal IhL Lnlity'% Upcr￿tIonts arc L()nduL'ILd in acLordanLL With the provisions ol. laws and rcgulations and tor IhL' prevLnli()n and dclLLlion ot traud. In identifying and assessing risk5 of malerial mi5Stalement in rcspecl of irregiularitics. including fraud, Ihe audil engvagemcnl leam: obiained un underslanding of Ihe nature of the seclor, including) Ihe legal and regiilatory rrameworks, Ihal ihe charity operates in and how Ihc charity is complying with IhL ILgF(Il and regulalory Irameworks; inquired of management, and those charged with governance, aboul their own identification and iISSLsbmLnl uf IhL' risks of irreguluritiLs, inLludinLv any known aLtual, suspecled or alleged instanc¢5 of fraud; di.scusscd matlcr5 about non-c(Trmpliancc with law5 and rcgulations and how fraud Tllighi occur including a4%c.s8mcnl ot how and whLrc ihc finunLial 5tal¢mcnts may be 5uscepiible lo fraud. As a result of th¢sc pmccdures we ¢onsid¢r thc mosi significant laws and regyulations that have a direct impact un th¢ financial 5tatem¢nls are FRS 102. th¥ Chariti¢s SORP (I.'RS 102) ¢lleclive O l January 2019, the Charities and TruitLC Invcslmenl (Scotland) Act 2005 and thc Charilic% Acciiunl4 (SL()Iland) ReLiulations 2006 (as amended). We perfomied audit proLedures to deteLt non-complianLes THE CHURCH OF SCOTLAND TRUST tNDEPENDENT AUDITOR'S RF.PORT TO THE TRUSTF,F,S OF THF, CHURCH OF THE SCOTLAND TRUST (continued) which may have a material impact on the financial stalemcnts which included reviewing the financial statemcnt.s including the Twstees, Report. The audit engagcmcnl Icam identified the risk of management override of controls IhL urea where the rinancial statemetjts were most susceplible lo material misslalemenl due lo Iraud. Audit proccdures perfornicd included but were not limitcd to t¢sting manual journal ¢ntri¢s and other adjustments. evaluating the business rationale in relation 10 5ignifiL41nl, unusual iransa¢¢ions and transaL'lions entered into outsidL thL nurmul course of business and chAllenging judgments and cstimalcs. A further description of our rc5ponsibililies for the audit of the financial stalements is located on Ihc rinancial Reporting) CounLiI's weh.site at hitp.'/lwww.fw.org.uklaudilorsrL'sponsibilities. 'I'hi5 descriplion tomis part of our auditor's rcp()rt. U8¢ ofour report l-his rcpnrt is madc solcly to Ihe Lh£trity's tru.%lccs, as a body. in accordance with scction 44{1)(¢) ofthe Charities and 'l'ruslee Investmenl (Scotland) Acl 2005. and rebFul£ition l O of the Charilies Accounts (Scotland) Regulations 2006 (as amcndcd). Our &iudil work ha5 been ulldcrtdkcn so Ihul we might stale lo the charity's Lruslees ihosc matlcr.s we are required lo state tn them in an audiior's report and for no othLr purpose. .1 o ihe fullest extcnt permitted by law. we do not &CLLPt or assume responsibility to anyone other than Ihc chiirily and ils trusiees as a l)ody, for uur audil work. for this rep()rt, or for thc opinions we have fonned. 4¢ts¥it LLF R5M UK Audii l.l.P SiatLilI)ry Auditor Chartered Accountants Third F loor 2 Semple Street F.dinburgh F.113 8HI. RSM UK Audit LL,P is ¢ligible to aci as auditor in terms ofseclion 1212 of thc Companie5 Acl 2006 11103126 12 THE CHURCH OF SCOTLAND TRUST FINANCIAL STATEMENTS 2025 Stalement of Finan¢lal Activlties For the year ended 31 December 2025 2025 2024 Unrestricted Unrestrlcted Funds Funds Note Income from: Donations Oiher'l rading Activilics Inveslmeni Income 72,461 357.218 378,375 808 054 54.900 335,512 395,982 7116 394 Expendlture on: Charilablc Activili¢s 810,899 810,899 790 020 Net Expenditure (2.845) (3,626) Gain on Investmen15 CJiiinl(Loss) on Foreign Curren¢y 5,305 5,836 5,306 Net Movcment in Fund5 Fund5 broug?hi forward al l January unds LArried forward at 31 December 2,461 69,597 72,115 8 2.209 67,388 69,597 All operations are continuin8. 13 THE CHURCH OF SCOTLAND TRUST FINANCIAL STATEMENTS 2025 Balance She¢t As at 31 Dcc¢rnb¢r 2025 2025 2025 2024 2024 Note Investments 72.997 67.692 Current Agsets Due trum the Church of Scotland Accrued Income Loans Bank & Cash 11,034 13,243 1.819,273 10,045,310 27 1.0¥5.112 10,045,310 11,875,644 11.143,667 Current Liabilllles Due to Church of Scotland Accrued exp¢nsc 10 (2,427,717) 12,000 (1,481,739) (2,43Y.717) (1,493.079) Net Current Asgets 9,435.927 9.650,588 LonR Term Liabllities 12 (9,436,866) (9,648,683) Net Assets of the charity 72,058 69,597 Funds of th¢ ¢harity Unrestricted Funds 72.058 69.597 'I'he financial stalcmLnt5 wer¢ approved and authori8Ld for issue by Ihe'l rustees on and signed on its behalf by.. 26102126 L Marshall Chydlr M. Sproule M Sproule Secretary Edinburgh Date: 04103126 14 THE CHURCH OF SCOTLAND TRUST FINANCIAL STATEMENTS 2025 Statement of C&sh Flows For the year ended 31 Deeember 2025 2025 2025 2024 2024 Cash Flows from Operating Activities Cash R￿ciptS from Donalions Lharitable Expendiiurn. N¢t C¥sh from ()perotln% Aetivltl 21 16 21 (16) Cash Flows from Invcsting Activitie5 Bank Interest Received Net Cash from Inveyting A¢tlvltl¢$ Cash Flows from Fin4ncin8 Activities Gain on Poreign CurrenLy Net Cash from Finaneinx Activities (i) (i) Nct Increawel(Decrcasc) in Cash & Cash Lquivalents 25 (17) Cash & CllJh Equivxlents Br()ught F¢irward Cash & Cash F.quivalents Cllrrled Forward 19 27 Other Non- Cash Changes 2tlJan 2025 at31 Dee 2025 Analysls of Change$ in Net Debt Cash Flow5 Cash & Cash F.quivalenls 25 27 Borrowings Debi duc within Onc Year Debt due in more than One Year (396,626) 9 6411683 10045 309 10,045,307 (211.817) 211,817 (608,443) 9.436.866 10045 309 10.045.282 Total 25 THE CHURCH OF SCOTLAIYD TRUST NOTES TO THE FINANCIAL STATEMEiYfs 2025 Accounting Polici¢s Legal Status 'I'he Church of Scotland Trust was incorporatcd by Ihe Church of Scotland '[ rust Order Confinnation Act 1932. The Church of Scotland Trust holds the titles lo thc properti¢S Out with Scoiland ol-Ih¢ Unincorporaied F.ntitics. It also holds, for behoof of the IJE, all the shares in St. Andrew's Galilee Company Limited in l-iberias und St. Andr¢w's Scoltish Centre Limited in JeTusalem. both of which arc incorporated in Israel as'foreign inslilution.s" The Regislered o￿l¢e of the Charity is 121 CJL'orge Sireel, F.dinburgh EH2 4YN. 'fhe prinLipdl activilies of the churily are de.%cribcd in Ihc Trustees, Report. Thcsc financial .statcmcnts are presented in £ Sterling. Busis ofPYeparu¢ion 'I'hc financial 51dtemen15 have been prcparcd in aLLVTdance with Accounting and R¢porling by C.harities'. Statemenl ol. Recommended PraLtiLL appliLdbl¢ io charities preparing their aLcounts in aLLordance with the l.inanLial Reporting Standards applicablc in Ihc UK and Republic of Ir¢land {I.'RS102), Ihc Charities and Trustee Inveslmenl (Scotland) ALt 2005 and the Charities Account.5 (Scotland) Regulations 2006 las mended). 'I'he charity InLLts thc definiliun of It public bL'ncfit cnlily ('pBr.') as sel out in FRS 102 and th¢reforc applies IhL PBF. prefixed paragraphs in l.'KS 102. GoinK Cl)ncL)r 'I'he financial %tulLmLnts have been prepared on a g<)ingy LunLern basis with consislently applied a¢¢ounting' poIiLies. The Truslees Lun%id¢r ihat Ih¢rL atL' n() nial¢rial un¥¢rtuinli¢s about thL Lharity'.4 ability to continue s a UToillgi Loncern. The ur.. conlinu¢s ti) indLmnify ihe Trusi for the operation% in Israel and the 'l'ru%l will only doiiale actual rent and invLslm¢nl inLome r¢¢¢ived lo th¢ Ilnincorpi)rdtLd EntitiLs uf the Church of SLoiland, thus other than the administration und suppori costs. which ar¢ covLrLd by ihL annuul don21ion from thi Ilnincorporaled F..nlilie.s of thL ChurLh nf SLotland, oulgFoiiigys will always match the aciual inLome re¢eiv¢d. The Trust has thL COlltinuLd support of the Unincorporated Lntitic% of thc ChurLh of Scoiland lor al leaql 12 mi)nih% fr<)m th¥ approval of (he financial statements. Incf)me Income is recogniscd in the Stulemenl of Financial A¢tivili¢s whln ihLr¢ is legal ¢nliil¢menl lo Ihe incomc, it is prohablL' that IhL' ii)Lome will be receivcd and thL amount can bL' quantified with reasonabl¢ a¢curaLy. Eypendilure '.xpeiiditur¢ is a¢¢ountcd ff)r in lh¢ Sialement ol- l.indncial ALtivitiCS Dli uii accruals basis and is presentcd on an activity basis &¥aii).%l thL &ppropriat¢ headin¥ in the l.'inai?¢ial StatLmLnts. Cos15 alluLatLd lo the Trusi Irom lh¥ I,aw and SI¢wdrdship & Finan¢¢ Ikparim¢nls of Ihe Chur¢h arc based on an approximaiion ol'slaff limL and uss(IiiatLd costs spent on the work of thc .1 ru%t. lrtv¢simc)ni.% Investments are stated at markct valuc al the Fjalance Sheet dale. Rcali.qcd gains and lo.gscs on dispos&1 are recorded in ihe SObA at tlie dilTeren¢e belween Ihc salL pril¢ and Carrying vali1¥ of Ihe inv¢slm¢nl. Unrcaliscd LFain5 and losses are recordcd in Ihe StdtLm¥nl of Finanii&l Aclivilies ￿ the difference between fair value al Ihc start and ciid of the finRn¢ial year. Unrestricted Fund5 are 5penl or appli¢d al th¢ discretion ol-lhe Irust¢¢s in furtherance of any of the purposes of tliL Cl)urLh of SLoiland Trusl. 16 THE CHURCH OF SCOTLAND TRUST NOTES TO THE FINAIYCIAL STATEMENTS 2025 (continued) Reeogniiinn ofLiubiliiie.Y Liabilities are rccogni5ed as rcsources expendcd as soon as there is a legal or constriictive obligation comi￿ltting1 th¢ Charity lo th¢ ¢xp¢nditur¢. it is probablc Ihal 5cttlem¢nt will b¥ rcquir¥d and th¢ amount or th¢ nbligalion can be mcaqurcd r¢liably. TAxation The Church ol. S¢otland Trust is ex¢mpl from laxolion on the income and gains falling within Part I l of the Corporati()n Tax Act 201 O or section 256 ofihe I'axation of Chargeable Cjains Act 1992 ins()far as such income or gains are applied exclusivcly for charitable purposes. Rel#tcd Partles Duringy the y¢ar, thc lJiiincorpuralcd Lniilic.q of Ihc Church ol. S¢oilai)d mad¥ a gyrani of £72.461 lo thu Cliurch of Scoiland 'frusl (2024 - £54,YOO), including £7,440 from FAPI.T lo cover lh¢ increased audi( cosls ol-lhe Trust. The Unincorporaied r,n¢ities charged £64.716 to the Trusl for management services {2024 £58,721). At 31 D¢¢ember 2025. Ilie Trust had a debior balance of£ 11,034 due from Ihe Unincorporated r.nlities (2024 £13,243). Leu,i¥ puymenl.% LcasL paymciits due in thc year Ircjm St Andrew's (ialilce Limitcd werc £291,845 - thcsc remain outstanding ai 31 Deceinber 2025. l.ease paymenls of £545.638 TemBin oulslandiiig from prior years. Both amouiit5 are inLludLd in NolL 8. LLa%L PaylllLnt.% duc ti) bc donalLd t() thc IJE in thL yLar WCTL £291,845 (2024 - £274,111) ai)d are included within the Donation io the ur,. in Note 7. Total lease paymenis oulsiandingT at the year end wL'rL £837,483 (?Q24 - £545,638) and arc inLludLd within Other Crcdilors in Ni)tL I O. LLa5L' paymcnts dlle in thc ycar from St Andrew'.4 Scolti.%h ('entrL Limitcd werL £65,373 - thL'SC rcmuin oulslanding ai 31 t)ecemkkr 2025. 1.L'aye payments ofL155,044 reinain oulsianding Irom prior yeArs. Both amounls urL included in Note 8. 1,¢11SL PUyITi¥iIIs due lo bL dunaled lu the ur.. in the year were £65,373 (2024 £61,4U I ) and are incliided wiihin the t)onalion lo the ur. in Nole 7. Total Icasc payincnls oul.slundinb> al Ihc ylar Lnd wLrL' £220,417 (2024 - £155,044) atid arL inLludcd within OihLr Cr¢dilors iii Note l O. Lr)un.Y Loan Capital and intercsl paym¢nl.$ 01.£516,UOO (2U24 - LS16,000) wLrc duc trom %1 Andrcw'q (ialilcc l.imiled in the year. No puymenls were made in 2024 or 2025. The loan capital ol'£156,505 whilh was duc ill 2Q25 (2024.. £150,528) rcmain% within loanE {Nolc g) and thc unpaid inicrlst diic ()f £724,967 (2024.. £.3()5,472) is within A¢¢rucd Inconie (Note 8). The loan capital paym¢nl8 du¢ to th¢ IIE in 2024 and 2025 arL' iniludLd in IhL L()an RLpuymLnl in N()IL I O und Ihc donulld iiilLrL%t duL lo thl lJ& in 2025 is included in l.oan Inleresl in Note l O. I,Odn ¥apilal and intere51 payinenig of £63,000 (2024 - £63,000) were duL from %( Andrew's Scoiii.8h Ccntrc l.imited in Ihe y¢ar. No payments were made in 2024 or 2025. The loan ¢apilal of£45,552 which was du¢ in 2025 {2U24.. £44,041 } remains wiihin loans (Nole 9) and the unpaid iiilerest duL (If £36,407 (2024: £18,959) is within Accrued Inlomc (NotL 8). -rhe loan capital paymcnts duc io Ihc IJE in 2024 and 2025 ari includLd in Ihe I,oan Repayment in Note l U and the donated iiiieresl due to the UE in 2L)25 is includcd iii Loan IiitcrLst ii) NolL I O. At 31 December 2025 the balance on the loan from the Trusl to Si Andrews Galilee Limitcd was £9.439,574 (2024 £9,439,574). Th¢ balance on thc loans Ii'om Ihc Trust to Si Andrcw'5 SioliiSh Centr¢ l.imiied were £605,736 (2024 £605,736) {scc notc l O}. Ai 31 Dcccmbcr 2025 thc balallcc on Ihc loans from the un1ncor￿ra1ed Entities to the .1 rusl lor all loans was £10,045,310 {2024 £10.045.310) (5¢¢ nol¢ 9). 17 THE CHURCH OF SCOTLAND TRUST NOTES TO THF. FINANCIAL STATEMENTS 2025 (eontinucd) 4 Heritllble Properties Thc Church of Scotland -I'rust holds hcritablc properties on behalf of ihe UE. fAPLT. Committees, Congregalions and other agcnLiCS ol'the Church of Scotland. Thes¢ propLrlies are not recorded in the AcLounts of the 'l'rusi but are rccordLd in the Accounts of the bodies on whosc behalf the titles are held. 5 Investments 'he invested funds are held in the Growth and Income Funds of the Church of Scotland Invcstors I rust. 2025 2024 Total Total Investments Investments Markct value ai l January Ncl Gain on Revaluation at 31 Dccumber 67.692 5,305 61,856 5.836 Markct Valuc at.3 l December 72,997 67.692 I listorical Cost 31 Dcc¢mber 30,769 30,769 Reeonelllatlffrn of Funds oi- Jan-25 Inv¢stment Galnj Foreign Curreney 31-1)¢c-25 (Lo&ie¥) Income F.xpenditure Unr¢$¢rict¢d Funds General Fund 69.597 69,597 808,1154 811%,1154 (810,lJ99) (810.899) 5,305 5,305 72,058 72,058 The gicncral lund of£72,058 will be used in the tullilmLnt ol'the charity's objectiv¢%. Chgritable Expenditure 2025 2024 Donalion to Ih¢ UE Bank charges on Isracl bank account Stewardship and Finance Dcpartmcnt Chargc Audit Fee l.aw tkpartrncnt Chargc Committ¥e Meeling Expenses 734,161 (3) 7,951 12.WO 56.765 25 719,943 16 3,104 11,340 55,617 810,899 790,020 THE CHURCH OF SCOTLAND TRUST NOTES TO THE FINANCIAL STATEMF,NTS 2025 {continued) Accrued Income 2025 2024 l.ease Income due from St Andrew's Scottish Centir l.td Lease Incomc duc from si Andrew's (ialilec Ltd Loan inlcresl due from St Andrcw's Scottish Ccntrc Ltd l.oan interest due from St Andrew's ti&ilile¢ l.ld 837.483 220,417 724,967 36.407 155.044 545,638 18,959 365,471 1,819.274 1.085,112 Loans 2025 2024 ,van lo St Andrcw'5 Cjalilee l.td .oans lo St Andrcw's S¢olti5h Lenlrc Ltd 9,4.39.574 9.439,574 605,736 605.736 10,045,310 10.1145.310 'rhe loan lo .Si Andrcw's Galilee l.td 1% repayable to the Trust over 40 yLars at 3.9Q/o per annum. £8,969,822 is due in more than one year. ThL Iviins to St AndrLw's Scotlish Ccnli'c Limilcd arL' rLpayablc l() IhL Trust uvvr 10 ycdrs. 'fhe fir51 aiiracis Inte￿51 of 3.90/0 per annum and £383,423 is due in more Ihan one year. 'I'he second b¢ars no inlere5l and £¥3,623 is due in more Ihiln onc year, 'I'he Trusl has agreed lo donate the inlerest received annually on all loans to ihc IIE. io Duc to Church of Scotland 2025 2024 LoÉin Repuymcnl (NOIL 12) I,oan Inlerest ()thLr CrL'ditors 608,443 761,374 1.057.900 2427717 3Y6,626 384,431 71111,6X2 1.481,739 li Aecrued Expenses 2025 21124 Audit fees 12,000 11,340 11,340 19 THE CHURCH OF SCOTLAIYD TRUST NOTES TO THF. FINANCIAL STATEMENTS 2025 (eontinued) 12 Long Term Liabilities 2025 2024 Loans frorn Ihc UE 9,436,866 9,648,683 As noted in Note 9 loan agrLcmcnts exist between the Trust and Si Andrews Galilee l.imited. and th¢ Trust and St Andrew's SLottish Ccnlre Limited. All payments rcccivcd by the .1 rusl from St Andrews Galilee I,td and .St Andrcw's Slollish Centre Limilcd ￿re paid annually by Ihc Trust to the UE in line with the repayment profile included below with each annual inslalment being a part rcpaymenl of ihc loan. 2025 2024 Due wiihin onc ycar (NolL. I O) l)ue in morc thiin one year bui les5 ihun two Due in more thun tw() ycur5 bul less ihan five Due in more than fivc years 608,443 396.626 234,543 211.816 781,640 753,405 8,420,684 8.6113,463 10,045 310 10.045,310 13 Tru8tees' Remuneratlon und FJxpenses No I rustees received remunL'ration during ihe ycar (2024- none). One 'l'rustee was reimbursed for out of pockel expenses during the ycar £25 {2024 none). 14 Employee5 Thc Trusi ha% no employees. Administratii)n work is carried out by desiLynatcd stafl'within Ihe l.aw Departmcnl and thc Stewardship and Financc DL'partmenl of Ihe Church of Scotland. 20