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 de￿aSed 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 In￿Stment
(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 ServI￿S 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