Charity registration number SC027832 (Scotland) THE KEAY THOM TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
THE KEAY THOM TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees AD MacLèod JG Thom FM Heafield (Appointed 25 June 20251 Charity number Iscotlandl SC027832 Prlncipal address 10 Blacldriars Street PERTH PH15NS Independent examiner Suzanne Kerr, FCCA TC GTOUP Chapelshade House 78-84 Bell Street Dundee DD1 1RQ Bankers Virgin Money 83 G8or98 Str881 Edinburgh EH2 3ES Solicitors Lindsays LLP 24 Mitefriars Street PERTH PHI IPP Investment advisors Barclays Wealth Royal Exchange House 100 Queen Street GLASGOW G1 3DL
THE KEAY THOM TRUST CONTENTS Page Trustees, report Independent examinerfs report Statement of financial actiwties Balance sheet Notes to the financial statements 7-12
THE KEAY THOM TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2026 The Trustees present their Annual Report and Accounts for the year ended 31 Maich 2026. The financial 51aleTnents have been prepared in accordance with the accounting policies sel out note 1 to the financial slatements and comply with the Trust's governing document, the Charities and Trustee Investment (Scollandl Act 2005, the Charities Accounts (Scotlandl Regulations 20( las atnendedl and "Accounting and Reporting by Charities.. S13teTnent of Recommended Practice applicable lo charities pieparing their accoun15 in accordance wth the Financial Repong Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191" Objectives and actlvltlés The objects and principal purposes of thè Trust are:_ IFiTStI to benefit irnpoveiished wdows, widowers, surviving civil partneis or relatives of deceased rninlsleis, or of SPOLJses or civil partners who have been deserted by ministers or have grounds for divorce 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 or separation, have been required lo leav8 the manse. The Trust can assist in the purchase of a house or by pioviding financial or Tn81grial assistance. and Isecondl To assi51 financially in the education or training of the above relatives or children of deceased ministers. The ullirnate responsibility for the management of the operation of the charity is ve51ed in thè Trustees but the day to day 8drninistration is undertaken by Lindsays LLP, Solicitors and Estate Agent5, Perth. The trustees have had regard lo the guidance on public benefit 1SsuÈd by OSCR. The Trust advances ils charitable purposes through the provision of financial assistance lo beneficiaries 5peafied in the Trust Deed, with the aim of ielieving poverty and haidship. The ITuslees are satisfied that the assisl8nee provided during ihe year resulted in Identifiable public benefit and furthered the charitable purposes of the Trust. Achievements and performance Following the major review in 200712008 of the process by which potential bÈnefi(aaries were identified anil considered. the Trustees continue to operate the reffised process and the use of the Application Fom) developed al that time. They have continued lo encourage The Church of Scotland Faith Nurture Forum lo bring the Trust lo the attention of potent131 applicants, including those who have received previous assistance, but who continue to have difficulties. Grants made duTing the year lo benefjciaries amounted to £15,21012025- £7,200). Financial revi8W The financial resulls for the year are detailed in the Statement of Financial Activille5 and the notes thereto. Net incoming resources arnounted lo £51,05712025- £7.3361 with lotal funds slallding al £874,46412025- £823,407). It is the policy of the Trust that unTeslricted funds which have not been designated for a specafic use shoLJld be maintained at a level equivalent to between three and six month's expenditure which amounts lo £13,21012025 £8,036). The Trustees consider that reserves at this level wll ensure that, in the event of a significant drop in funding, they will be able to continue the Trust's current activities while Gonsideration is given to ways in which addition81 funds may be raised. This level of reserves has been maintained throughout the year. The TTuslees are of the opinion that there are sufficlent revenue funds acuued lo dale lo enable the principal objects of the charily lo be mel. The unrestricted revenue fund consists of any undistribuled surplus incorne alld is maintained at a level which will help support the total amount available for charitable donation and cover 8ny operating costs or for any future capital investment at the Trustees. discretion. The designa18d capital fund represents the capllal investment and any gains or losses on restructuring the portfolio.
THE KEAYTHOM TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARGH 2026 Barclays Wealth have been appointed as Investment Manage15 to conduct the management of the Trust's inveslrnents on a discretionary basis. Barclays Weafth run their ¢harity fund with an investment objective aimed 81 protecting the investments from the effects ol inflation and rnainlaining their long term purchasing power taking moderate risk strategy. The Trustees are content to take a long term view on the management of the portfolio and income is currgnlly released quarterty. The trustees have considered the principal risks facing the Trust and the measures in place to mitigate those risks. The principal risks identified are.. Investment risk arising from fluctuations in the value of the investment portfolio and investment income. This risk is rnanaged through the appointment of professional investrnenl rnanagers operating within an agreed investment mandate. together with regular review ol inve51melll performance by the trustees. eneficiary idenlificalion risk, as the Trusl supports a narrowly defined class of beneficiaries and there Is a rlsk that eligible individuals may be unaware of the assistance available. The trustees work with Church organisalions and other appropriate contacts to piomote awareness of the Trust and encourage applications. The trustees are s8tssfied that appropriate systems and procedures are in place lo Identify, monitor and mitigate these risk5. Plans for future perlods The Tnjslees plan lo continue the programrne of support in accordance with the Trust purposes, to review the level of applications being received, and the actions required to promote the Trust. They are especially mindful of Iheir duty lo rnake proper use of the charity's funds in pursuit of its purposes, and continue to work with The Church of Scotland Faith Nurture Forum lo encourage further applications for assistance. and to explore other ways in whith the Trust might deliver charitable 5UPPOrt. The Trustees are aware of ihe opportunity both lo offer 5UPPOrt to other denominations and to re-organlse the Gonslilulion lo allow an expansion of charitable actimlies. stTUCture, governance and management The Trust WBS est3blished by a Deed of Trust by Minnie Scott Keay dated 18th and 30th March and 9th April all in 1998 3nd regislei8d in the Books of Council and Session on 21st May 1998. The Trustees who served during the year were.. AD MacLeod JG Thom FM Heafield {Appointed 25 June 20251 The TrLJslees ale appointed by existing Trustees taking account of the suitability of any new Trustee given the principles encompassed in the founding documents and the background and skills of any Trustee relatlV8 lo the skill base of the existing Trustees. Trustees remain in Offi indefinitely. The Tiuslees rneel annually lo con5ideT the general management of the charity, applications for funding. investment adwce. the level of reserves and risk management elc. Applications may be considered outwith the routine meetings. and will be dealt with either al an ad hoc meeting or through correspondence.
THE KEAY THOM TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2026 The Trustees. report was approved by the Board ofTiuslees. JG Thorn Trustse 23 July 2026
THE KEAY THOM TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE KEAY THOM TRUST I report on the financial slalements of the Trust for the year ended 31 March 2026, which are sel out on pages 5 10 12. This report is made to the trustees. as a body, in accordance with the lerrns ol rny engagement. My work has been undertaken lo enable me lo report my opinion set out below and for no other purpose. To the fullest extent permitted by law I do not accept or assume responsibility to anyone other than Ihe trustees, as a body. for my work or lor this report. Respective responsibilities of Trvstees and examiner The TIus1's Trustees are responsible for the preparation of the financial statements in accordance w((h the terms of the Charities and Trustee Investment (Scotlandl Act 2005 and the Charitiès Accounts (Scotlandl Regulations 2006. The Trust Trustess consider that the audit requirement of Regulation 1 Ollllal-lc) of thè 2006 Regulations does not apply. It Is my responsibility lo examine the financial statements as required under section 44(1}Icl of the Act and lo slate whether particular matters have come to my attention. Basis of irFdependent examiner's statement My examlnation is carried out in accordance with Regulation 11 of the 2006 Accounts Regu121ions. An examination inclvdes a review of the accounting records kept by Ihe charity and a cornp8ri50n ol the financial statements presented with those records. 11 also includes consideration ol any unusual items or disclosures in Ihe financial statements, and seeks explanations from the Trustees concerning any such rnatters. The procedures undertaken do not provide all the evidence that would be quired in an audit, and consequently I do not expie55 an audit opinion on the view given by the ac¢ounls. Independent èxaminerfs statement In the course of my examinalion, no matter has come lo my atlemtlon 1. which gThie5 me reasonable cause to believe that in any material respect the reqLiirements.' to keep accounting records in accordan with Section 4411llal of th8 2025 Act and Regulation 4 of the 2026 Accounts Regulations, and to prepare financi81 statements which aecord with the accounting recoTds and comply with Regulation 8 of the 2006 Accounts Regulalions have nol been met. or 2. to which, in my opinion, allenlion should be drawn in order to enable a proper understanding of the financlal slalements to be reached. Suzanne Kerr, FGCA TC Group Chapelshade House 78-84 Bell Street Dundee DD1 1RQ 24 July 2026
THE KEAYTHOM TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARGH 2026 Unrestricted Unrestricted funds funds general designated 2026 2026 Totsl Unrestrlcted Unrestrlcted funds funds general designated 2025 202$ Totsl 2026 2025 Notes Income from.. Investments 26,054 29 26,083 25,091 15 25,106 Totsl Income 26,054 29 26,083 25,091 25,106 Expendlture on.. Raising funds Charitable activities 2,353 2.353 26,420 2,290 2,290 16,072 26,420 16,072 Totsl 8xpendlluFe 26,420 2,353 28,773 16,072 2,290 18,362 Nel galns on inv8slments 53,747 53.747 592 592 Net incomellexpenditurel and movement in fLsnds 13661 51.423 51,057 9,019 11,683) 7,336 Reconc1113tlon of funds.. Fund balances at 1 April 2025 78,919 744,488 823.407 69.900 746,171 818.071 Fund balan¢e$ at 31 March 2026 78.553 795,911 874,464 78,919 744.488 823,407 The slalernenl of financial acliwties indudes all gains and losses recognised in Ihe year. All income and expenditure der(ve from continuing activities.
THE KEAYTHOM TRUST BALANCE SHEET ASAT3q MARCH 2026 2Q26 2025 Notes Fixed assets Investments 11 794,847 743,495 Current assets G8sh al bonk and in hand 91.407 89,354 Creditors.. amounts fallino due within one year 12 111,790) 19,4421 Net Current assets 79,617 79.912 Total assets less current liabilities 874,464 823.407 Net assets 874,464 823.407 The funds of the Trust Unrestiicted funds- general Unrestricled funds- designated 78,553 795,911 78.919 744.468 13 874,464 823,407 The financial slalements were approved by the Trustees on 23 July 2026 JG Thom Trustee
THE KEAY THOM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Accounting policles Chartty Infornlation The Keay Thom Trust is an unincorpofaled chaiity established by a deed of trust. The principal address of the charbty is Clo Linds3ys LLP, 10 BlackfriaFS Street. Perth. PH15NS. 1.1 Basis of preparatlon The financial statements have been prepared in accordancè with the Trust's governing document, the Charities and Trustee Investment Iscotlandl Act 2005, the Charities Accounts (Scollandl Regulations 2006 las amended) and "Accounting and Reporting by Charities.. Slaternent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 leffedive 1 January 20191. 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 statements are prepaTed in sterling. which is the functional currency of the Trust. Mon8tary amounts in these financial statements are rounded lo the nearest £. The fin8ncial statements have been prepared under the historical cost convention. modified to include inveslrn8nls at fair value. The principal accounting policies adopted are sel out below. 1.2 Golng concern Al the lime ol approwng the financial slalemenls. Ihe Trustees have a reasonable 8xp8clation that the Trust has adequ818 resourtss to continue in operzlional existence for the foreseeable future_ Thus the Trustees continue lo adopt the going conTrrn basss of accounting in preparing the financial statements. 1.3 Charitsble fund5 Unieslricled funds are available foi use at the discreiion of the Tru51ees in furtherance of their charitable objectives. The designated fund refers lo the capital invested in the Trust representing the investments held and any gains and losse5 on restructuring as glven in the notes to the accounts. 1.4 Income All incoming resource5 are recognised once the Trust has entitlement to the resources. it is certain Ihal the resources will be received and their monelary value measured. Flxed interest and equity income from investmen15 are stated in the statement of financial actiwties net of any iriecoverabl& tax element. Incoming resources ITOM investment reorganisalion are stated in the capital reserve and are treated as designated. 1.5 Expendltutè Liabilities are recognised as resources expended as soon as Iheie is 8 legal or conslruclive oblioalion cornrnilling the Trust lo the expendituie. All expenditure is accounted foi on an accruals basis and has been classified under a heading which aggregates all costs related to the category. Inveslmtrnl management expenditute is incurred in the adminislT81ion of the investment portfolio held in the name of the nominees. Charitable expenditure is incur18d in the dired pursuance of the charity's prinapal objects, being the charge lor adminislr8tion ol the Trust. GoverNanc8 Costs comprise all costs involving publi¢ accountability af the charity and its compliance with regulation and good practice. These cosls include the expenses of sl8lutory independent examination and legal and professional fees.
THE KEAY THOM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Accounting policies IContlnu¥dl Overheads and support costs have been allocated between charrtable activities and governance. Adrninistration expenses have been apportioned between charitable aetNiilies and governance based on lirne allocation. 1.6 Flxed asset Investments Fixed asset investments are initially measured at transaction price including tr8nsaclion costs, and are subseqLJenlly measured at fair value at each reporting date. Changes in fair value are recognised in net incomellexpenditurel for the year. 1,7 Cash and ¢ash equlvalents Cash and cash equivalents include cash in hand, deposits held at r211 with banks, other short-teTm liquid inv8Strn8nt5 with oiiginal Tnaturilie5 of three months or less. Baslc financlalassets Baslc financial assets. which include debtOfS and cash 8nd bank balances, are initially measured at transaction price including Iran5aclion costs and 3r8 subsequently carried al amortised cost using the effectivé interest rnethod unless the arrangement con51ilutes a financing transaction, where the transaction is measured at the present value of the future receipts discounled at a market rale of inleresL Finan(i81 assets classified as receivable within one year are not amortised. Basi¢ financial liabilities Basic finanaal liabilities, including creditors are initially reeognised al ITansaclion price unless the airangement constitutes a finanang transaction, where the debt instTument is measured al the present value of the lulure p8yments discounted al a market rate of interest. Financial Ilabilities dassified as payable within one year are not arnort15ed. Debt instTuments are subsequently carried al arnortised cosl, using the effective interest rate method. Trade creijitors are oblioations to pay for gO(S or seNices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as CLJrrenl liabilities if payrnenl is due wilhin one year or less. If not, they are presented as non-current liabilities. TTade creditors are re¢o9nised initially al Ir8nsactitsn pri¢8 8nd subsequently measured at amortisèd cost using the effective interest rnethod. 1.8 Taxation No laxalion is payable as the Trust is a charity iegislered with the Office of the Scottish Charity Regulatoi. The Trust is nol registered for Value Added Tax and resources expended therefore include irreeoverable inpvl value added tax. Incomg from investments Unrestricted Unrestrictsd funds funds general designated 2026 2026 Total Unrestricted Unrestrieted funds funds golleral designated 2025 2025 Total 2026 2025 Income from listed investment5 Interest receivable 24.271 1,783 24,271 1.812 22,823 2,268 22,823 2,283 29 26,054 29 26.083 25,091 15 25,106
THE KEAY THOM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Expenditure on raising funds Unrestricted Unrestricted funds fund5 designated de51gnated 2026 2025 Investment management 2,353 2,290 Expendifvr¥ on charitable activitle5 Admln costs 2026 Grants 2026 Total Admin costs 2026 2025 Grants 202S Total 2025 Direct costs Grant funding of activities Isee note S} 15.210 15.210 7,200 7.200 Share of sUPPOrt and governance costs Isee note 61 Support 6,946 Governance 4,264 fj,946 4,264 5,250 3,622 5,250 3.822 11,210 15,210 2fj,420 8,872 7,200 16,072 Analysis by fund Unrestricted funds- general 11,210 15,210 28,420 8,872 7,200 16,072 Grnnts payable Grants 2025 Grants to individuals 15,210 7,200 15,210 7,200 Support costs allocated to activities Admin costs 2026 Total 2025 Legal and professional fees Governance 6.946 4.264 5,250 3,622
THE KEAY THOM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Support costs allocated to aetlvities Icontinuedl 2026 2025 Governancè costs comprisg.. Independent examinerfs fees Auditor of Court fees Legal and professional fees 2,172 336 1.756 2,070 240 1,312 4.264 3,622 Trustees None of the Trustees lor any persons connected with them) received any retnuneration or benefits froffl the Trust during the year. Employees The average monthly number of employees dLJring the year was.. 2026 Number 2025 Number Total There were no 8tnployees whose annual rernuneratlon was more than £60,000. Galns and losses on Investments Unrestricted Unrestricted fund5 funds designated deslgnated 2026 2025 Gainslllossesl arising on.. Revaluation ol investments Sale of investments 53,273 474 238 354 53,747 592 10 Taxatlon The charity is exernpt from taxation on it5 activities because all its inaorne is applied for charitable purposes. 10-
THE KEAY THOM TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2026 11 Fixed asset inve5tment5 Listad Investmentg Cost or valuation At 1 April 2025 Valuation changes Disposals 743,495 53,273 {1,921} At 31 March 2026 794,847 Carrying amount At 31 March 2026 794,847 At 31 March 2025 743.495 12 Credltors: amounts falling due within one year 2026 2025 Other creditors Accruals and deferd Income 9,018 2,772 6,802 2,640 11,790 9,442 13 Unrestrlcted funds - designated The income funds of the eh8rity include the following designated funds whlch have beén set aside out of unrestricted funds by the Iruslees as capital.. AtIAprf 2025 Incomlng resourc?s Resourc8s expended Gains and At 31 March losses 2026 Capital Fund 744.488 29 12.3531 53,747 795,911 Previous year. At 1 April 2024 InGomlng resources Resources expended Galns and At 31 March Ioss85 202S Capital Fund 746,171 15 12.2901 592 744.488 The capital fund represents the T8Suurces held as investmenls or available for the purchase of inveslrnents ad any gains OT losses in restructuring the portfolio. 11
THE KEAY THOM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2026 14 Anatysis of net assets bètsveen funds Unrestricted Unrestricted fund5 funds general deslgnated 2026 2026 Total 2026 At 31 March 2026: Investments Current assetsllliabililiesl 794.847 1,064 794,847 79,617 78,553 78,553 795.911 874,454 Unrestricted Unrestricted funds funds general designated 202S 2025 Total 202S At 31 March 2025: Investrnenls Current assetsllliabilitiesl 743.495 993 743,495 79,912 78,919 78,919 744,488 823,407 15 Related party transacllons 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 £8,68212D25- £6.562). 12