Charity registration number SC027832 (Scotland) THE KEAY THOM TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE KEAY THOM TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees {Appointed 25 June 2025) Charity number IScotland} SC027832 Principal address Independent examiner MM(i chartered Accountanls Chapelshade House 78-84 Bell Street Dundee DD11RQ Bankers Virgin Money 83 George Street Edinburgh EH2 3ES Solicitors Lindsays LLP Solicilors and Estate Agents 10 Blackfriars Street PERTH PH15NS Investment advisors Barclays Wealth Royal Exchange House 100 Queen Street GLASGOW G13DL
THE KEAY THOM TRUST CONTENTS Page Truslees, report Independent examiner's report statement of financial activities Balance sheel Notes lo the financial slalements 6-11
THE KEAYTHOM TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present theirAnnual Report and Accounts for Ihe year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 lo Ihe financial statements and comply with Ihe Trust's governing document, the Charities and Trustee Investment {Scolland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 las amended) and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) Objectives and activities The objects and principal purposes of the Trust are:_ (First) to benefit impoverished widows, widowers, suNiving civil partners or relatives of deaSed ministers, or of spouses or civil partners who have been deserted by ministers or have grounds for divoice or separation. who have been wholly dependent upon and assisted the minister in the fulfilment of his or her duties and who, by reason of death, divorce 01 separation, have been required to leave the manse. The Trust can assist in the purchase of a house or by providing financial or material assistance, and (Second) To assist financially in the education or training of the above relatives or children of deceased Tninisters. The ultimate responsibility for the management of the operation of the charity is vest in the Trustees but the day to day administration is undertaken by Lindsays LLP, Solicitors and Estate Agents, Perth. Achievements and performance Following the major review in 200712008 of the process by which potential beneficiaries were identified and considered, Ihe Trustees continue to operale the ievised proces5 and Ihe use of the Application Form developed at thal time. They have continued to encourage The Church of Scolland Faith Nurture Forum to bring the Trust to the attention of potential applicanls, including those who have received previous assistance, but who continue to have difficulties. Grants made during the year to beneficiaries amounted to £7.200 (2024 - £Nil). Financial review The financial results for the year are detailed in the Slalemenl of Financial Activities and the noles therelo. Net incoming resources amounted to £7,336 {2024- £62,653) with total funds standing at £823,407 (2024- £816,071). It is the policy of the Trusl Ihat unreslricled funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The Trustees consider that reserves al this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust's currenl activities while consideration is given lo ways in which additional funds may be raised. This level Df reserves ha5 been maintained throughout the year. The Trustees are of Ihe opinion that there are sufficient revenue funds accrued to date lo enable the principal objects of the charity to be met. The unreslricled revenue fund consists of any undislributed surplus income and is maintained at a level which will help support the total amount available for charitable donation and cover any operating costs or for any future capital investmenl al the Trustees, discretion. The designated capital fund represents the capital investment and any gains or losses on restructuring the portfolio. Barclays Wealth have been appointed as Investment Managers to conduct Ihe management of the Trust's investments on a discretionary basis. Barclays Wealth run their charity fund with an investment objective aimed at protecting the investments from the effects of inflation and maintaining theii long term purchasing power taking a moderate risk strategy. The Trustees are content to lake a long term view on the management of the portfolio and income is currently released quarterly.
THE KEAY THOM TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees have considered Ihe major risks to which the charity is exposed, in particular those related lo the operation and finances of the Trust, and are satisfied th21 systems are in pla to mitigate their exposure lo the malDr risks. Plans for future perlods The Trustees plan lo conlinue the programme of support in accA)Tdance with the Trust purposes, lo review the level of applications being received, and the actions required to promote the Trust. They are especially mindful of their duty lo make proper use of the charity's funds in pursuit of its pury)oses. and continue lo work with The Church of Scotland Faith Nurture Forum to encourage further applications for assistance, and lo explore other ways in which the Trust might deliver charitable support. The Truslees are aware of the opportunity both lo offer support to other denominalions and lo re-organise the Conslilulion to allow an expansion of charitable aclivilies. Slructure. governance and management The Trust was established by a Deed of Trust by Minnie Scotl Keay daled 18th and 301h March and 9th April all in 1998 and registered in the Books of Council and Session on 21 sl May 1998. Thp. Tni4tp.p.% who served during the year were.. (Appointed 25 June 2025) Th8 Trustees are appointed by existing Trustees taking account of the suilability of any new Trustee given the pnnciples encompassed in the founding documents and the background and skills of any Trustee relative to the skill base of the existing TtU5tees. Trustees remain in office indefinitely. The Trustees meet 3nnually lo consider the general managernent of the charity. applications for funding, investment advice. the level of reserves and risk management etc. Applications rnay be considered outwilh the routine meetings, and will be dealt with either at an ad hoc meeting or through correspondence. The Trustees, report was approved by the Board of Trustees. TTUStee 25 July 2025
THE KEAY THOM TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE KEAY THOM TRUST I report on the financial statements of the TTUSI for the year ended 31 March 2025, which are set out on pages 4 10 11 Respective responsibilities of Trnstees and examiner The Trust's Trustees are responsible for the preparation of the financial statements in accordance with the lerms of the Charities and TTUStee Investmenl (Scollan(i} AGt 2005 and the Charltles Accounts (Scotland) Regulallors 2006. The Trust Trustee5 consider Ihal the audit requirement of Regulation 10{1)(al-(c) of the Charitie5 knounls {Scotlandl Regulations 2008 doe5 nol apply. It is my responsibility to examine the financial stateTnents as required under s•cliDn 4411)(c) of the Charilieg and Trustee Investment (Scolland) Act 2005 and to state whether particular matters have come lo my attention. Basis of independent examlnerfs statement My examination is carried out in accordance wilh Regulation 11 of the Charities Accounts (Scotland) Regjlalions 2006. An exarninalion includes a review of the accA)unling records k&pt by the charity and a comparison of the financial stalemenls presented wilh those records. 51 also includes consideration of any unusual items or disclosures in the financial statemenls, and seeks explanations from Ihe Trustees concerning any such matters. The PlOGedure5 undertaken do not provide all the eviderbce that would be required in an audit, alld consequently I do not express an audit opinion on the view given by the accounts. Independent exarniner's statement In the course of my examination, no maller has come to my attention 1. which gives me reasonable cause lo believe Ih3t in any material respect the requirements.. to keep accounting records in ac)rdanCe with Seclion 44{11{al of the Charities and Trustee InStment (Scotland) Act 2005 arKI Regulation 4 of the Charities Accounts (Scollandl Regulatlons 2006, and to prepare financlal statements wliich accord with Ilie accounting ieGoids and comply with Regula'.ion 8 of the Charities Accounts (Scolland) Regulations 20( have not been met. or 2. to which, in my opinion, altention shoukj be drawn in order lo enable a proper understanding of the financial statements to be reached. Mmts Lliarteieii AcGoJnlaiits Chapelshade House 78-84 Bell Street Dund DD1 1RQ 28 July 2025
THE KEAY THOM TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Unrestricted funds funds general designated 2025 2025 Total Unrestricted Unrestricted funds funds general designated 2024 2024 Total 2025 2024 Notes Income from: Inveslments 25,091 15 25,106 24,091 24,091 Total income 25,091 15 25,106 24,091 24,091 Expenditure on: Raising funds Charitable activities 2,290 2,290 16,072 2,109 2,109 7,708 16,072 7,708 Total expenditure 16,072 2,290 18,362 7,708 2.109 9,817 Net gainsl(losses) on investments 592 592 48,379 48.379 Net incomellexpenditurel and movement in funds 9,019 (1,683) 7,336 16,383 46,270 62,653 Reconciliation of fund5: Fund balances al 1 April 2024 69,900 746,171 816,071 53.517 699,901 753,418 Fund balances at 31 March 2025 78.919 744,488 823,407 69,900 746,171 816,071 The slatement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE KEAY THOM TRUST BALANCE SHEET AS AT31 MARCH 2025 2025 2024 Notes Fixed assets Inveslments 11 743,495 745,258 Current assets Cash al bank and in hand 89,354 79,036 Creditors: amounts falling due within one year 12 (9.442) (8,223) Net current assets 79,912 70.813 Total assets less ¢urrent liabilities 823,407 816.Q71 Net assets 823,407 816.071 The funds of the Trust Unrestricted funds - general Unrestricted funds - designaled 78,919 744,488 69.9QK) 746,171 13 823.407 816,071 The financial statements were approved by Ihe Trustees on 25 July 2025 Trustee
THE KEAY THOM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Chayity information The Keay Thom Trust is an unincorporated charity eslablished by a deed of trust. The principal address of the charity is Clo Lindsays LLP, 10 Blackfriars Street, Perth, PH15NS. 1.1 Accounting convention The financial statements have been prepared in accordance with the Trust's governing document, the Charilies and Trustee Investment (Scotland) Act 2005, the Charilies Accounts (Scolland) Regulations 2006 {as amended) and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2019)" The Trust is a Public Benefit Entity as defined by FRS 102. The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial slalemenls ale piepared in sterling. which is the functional currency of the TriJ5t. Monetary amounts in these financial statements are rounded to the nearest £. The financial stalemenls have been prepared under the historical cost convention, modified to include investments al fair value. The principal accounting policies adopted are set out below. 1.2 Going concern Al the time of approving the financial statements, the Trustees have a reasonable expectation Ihal the Trust has adequate resources lo continue in operational existence for the foreseeable fulure. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charilable objectives. The designated fund refers to the capital invested in the Trust representing the investments held and any gains and losses on restructuring as given in the notes to the accounts. 1.4 Income All incoming resources are recognised once the Trust has entitlement to the resources, it is certain that the resources will be received and their monetary value measured. Fixed interest and equity income from investments are slated in the statement of financial activities net of any irrecoverable tax element. Incoming resources from investment reorganisation are slated in the capital reserve and are treated as designated. 1.5 Expenditure Liabilities are recognised as resources expended as soon as there is 8 legal or conslruclive obligation committing the Trust to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under a heading which aggregates all costs related to the category. Inveslment management expenditure is incurred in the administration of the investment portfolio held in the name ofthe nominees. Charitable expenditure is incurred in the direct pursuance of the charity's principal objects, being the charge for adminislralion of the Trust. Governance costs comprise all costs involving public accountability of the charity and ils compliance with regulation and good practice. These costs include the expenses of statutory independent examination and legal and professional fees.
THE KEAY THOM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) Overheads and support cosls have been allocated between charitable activities and governance. Administration expenses have been apportioned between charitable activities and governance based on time allocation. 1.6 Fixed asset investments Fixed asset investments are inili211y measured at transaction price including transaction costs, and are subsequently measured al fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments wilh original maturities of three months or less. Basic financial a55efs Basic financial assets, which include deblors and cash and bank balance5. are initially measured at tiansaction price including Iransaclion costs and are subsequently carried al amortised cost using the effective interest method unless the ariangement conslitutes a financing transaction, where the transaction is measured at the present value of Ihe fulure receipts discounled at a market rate of interest. Financial asset5 classified as ieceivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangemenl Constitutes a financing transaction, where the debt instrument is measured at the present value of the fulure payments discounted at a market rate of interesl. Financial liabilities classified as payable within one year are not amortised. Debt instrumenls are subsequently carried al amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or ServIS that have been acquired in the ordinary course of operations from suppliers. Amoun15 payable are classified as current liabilities if payment is due within one year or less. If nol, they are presented as non-current liabilities. Trade creditors are recognised initially at transaclion price and subsequently measured al amortised cosl using the effeclive interest melhod. 1.8 Taxation No taxation is payable as the Trust is a Gharily registered with the Office of the Scoltish Charily Regulator. The Trust is not registered for Value Added Tax and resources expended therefore include irrecoverable input value added tax. Income from investments Unrestricted Unrestricted funds funds general designated 2025 2025 Total Unrestricted Unrestricted funds funds general designated 2024 2024 Total 2025 2024 Income from listed investments Interest receivable 22,823 2,268 22,823 2,283 21,836 2,255 21,836 2,255 15 25,091 15 25,106 24,091 24,091
THE KEAY THOM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on raising funds Unrestricted Unrestricted funds funds designated designated 2025 2024 Investment management 2,290 2,109 Expenditure on charitable activities Admin costs 2025 Grants 2025 Total Admin costs 2025 2024 Direct costs Grant funding of activities (see note 5) 7.200 7,200 Share of support and governance costs (see note 6) Support Governance 5,250 3,622 5,250 3,622 4,400 3,308 8.872 7,200 16,072 7,708 Analysis by fund Unrestricted funds - general 8,872 7,200 16,072 7,708 Grants payable Grants 2024 Granls to individuals 7,200 7,200 Support costs allocated to activities Admin costs 2025 Total 2024 Legal and professional fees Governance 5,250 3,622 4,400 3,308
THE KEAY THOM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs allocated to activities (Continued) 2025 2024 Governance costs comprise: Independent examiner's fees Auditor of Court fees Legal and professional fees 2,070 240 1,312 1,992 216 1,100 3,622 3,308 Trustees None of the Trustees (or any persons connected with them) received any remuneralion or benefits from the Trust during the year. Employees The average monthly numbei of employees during the year was.. 2025 Number 2024 Number Total There were no employees whose annual remuneration was more than £60,000. Gains and losses on investments Unrestricted Unrestricted funds funds designated designated 2025 2024 Gainsl{losses) arising on.. Revaluation of inveslments Sale of investments 238 354 48,140 239 592 48,379 10 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
THE KEAY THOM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Fixed asset investments Listed Investments Cost or valuation At 1 April 2024 Valualion changes Disposals 745,258 238 12,001) Al 31 March 2025 743.495 Carrying amount At 31 March 2025 743,495 At 31 March 2024 745,258 12 Creditors: amounts falling due within one year 2025 2024 Other creditors Accruals and deferred income 6,802 2,640 5,716 2,507 9,442 8,223 13 Unrestricted funds - designated The income funds of the charity include the following designaled funds which have been set aside oul of unrestricted fund5 by the Irustees as capital.. At 1 April 2024 Incoming resources Resources expended Gains and At 31 March losses 2025 Capital Fund 746,171 15 {2,290J 592 744,488 Previous year: At 1 April 2023 Incomlng resources Resources expended Gains and At 31 March losses 2024 Capital Fund 699,901 12,109) 48,379 746,171 10-
THE KEAY THOM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Analysis of net assets between funds Unrestricted Unrestricted funds funds general designated 2025 2025 Total 2025 At 31 March 2025: Investments Current assetsl(liabilities) 743,495 993 743,495 79,912 78,919 78.919 744,488 823,407 Unrestricted Unrestricted funds funds general designated 2024 2024 Total 2024 At 31 March 2024: Inveslments Current asselsllliabililies) 745.258 913 745,258 70,813 69,900 69.900 746,171 816,071 15 Related party transaction5 JG Thom, Trustee, is a partner of Lindsays LLP. Solicitors and Estate Agents. Lindsays LLP, who act as solicitors and administrators of the Trust were paid fees of £6,562 (2024 - £5,500). 11