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 Repo￿ng 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 defer￿d 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 a￿d 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