MARGARET STEEL CHARITABLE TRUST (No 2)
Report of the Trustees and Accounts
for the year ended
31 December 2025
Scottish Charity No: SC031256

MARGARETsfEELCHARITABLE TRUSTINO. 21
YEAR ENDED 31 DECEMBER 2025
Contents
Pages
References & Administrative Information
Trustees, Annual Report
Independent Examinerfs Report
Receipt and Payments Account
Notes to Account

MARGARET STEELCHARITABLETRUST INO. 21
YEAR ENDED 31 DECEMBER 2025
Reference and Admlnlstratlve Informatlon
Charity TrIRme:
Margaret Steel Charitsble Trust (Tr40.2)
Charity Registration Nurnber:
SC 031256
Contact Addrts$:
JSHWatt
Craig Arsig
74 Bonllethill Road
Pitlochrv
PH16 SED
Trustee$:
JSHWatt
Mrs V Wilkie
Mr M B&rDicott (Resigned 01105121125)
Mr H M¥tkintosh (Appoirtted 0110512025)
Office B¢arer¥:
Minlster:
Rev M Foster
Joint Session Clerks:
Mrs V WilkTe
Chureh Treasurer:
JSHWatt
Independent ExAminer:
,lfr Grae￿e Toueh C.
BK Plus
26-30 BoDnethlll Road
Pltlochry
PH16 SBS
ker5:
The Church of &*COtIAnd Investor$ Trnst
121 George Street
Edinburgh
EH2 4YN

MARGARET STEELCHARITABLE TRUST (No. 21
YEAR ENDED 31 DECEMBER 2025
Trustees, Annual Report
structure. Governan￿ and Management
Governlng Dotument
The Trust is adrninistered in accordance with the Deed of Trust dated 18thJanuary 20013nd the
Supplementèry Deed of Trust registered in the Books of the Lords of Coullcll and Session, Edinburgh on 20th
June 2013
Recruitment and Appointment of Trustees
The Minister. Session Clerk, Clerk to the Congregatlonal Board and Treasurer of Pitlochry Church of Scot5and
untll l March 2013 and thereafter the Minister, Session Clerk, 3nd Treasurer tsf Pitlochry Church of Scotland
along with one Elder of Pitlochry Church of Scotland elected at tt5 relevant Annual Trustees meeting of
Pitlochry Church of Scotland. such eletted Elder to Serve a three year term of office.
Organisational Strutture
The Trustees hold an annual meeting and addltlonal meetings as required. OneTru5tEe is tasked to keep the
minutes of each meeting so called.
Oblettives and Artlvltles
The Funds of the Trust are to be applied for the benefft of Pttlochry Church of Scotland and without prejudice
to the foregoingto contribute. promote, foster. encourage further or otherwise benefit the charitable
purposes connerted to PitSochry Church of Scotland and to promote, organise or carry out educational
activities in eonnection therewith.
Achlevements and Performance
The Trustees met on one occasion thi5 year, the Annual Meeting on 6 April 2025.
As at the 31 December 2025 there have been no appllcations for funding from Pitlochry Church of Scotland
for the year.
Flnancial Revlew
The Trustees are constantly looking for ways in which the objectives of the Trust may be promoted and applied
to support relevant needs.
Investment Income and Interest
Investment Income and Bank and Deposit Interest amounted to £1,68912024.. £1.8091. There was an excess of
receipt5 over payments of £1,68912024= £1.8091. Gains on revaluation of Growth Fund and Incorne Fund
amounted to £2,43512024.' gains £2,206). The COSIT Deposit Fund closed on 31" December 2025 at £3,838
12024.. £2.1491. In addition, the Investments at Market Value on the same date were valued at £45.81412024..
£43,379).
The total value of the Trust 35 of 31st December 2025 stands at £49,65212024.. £45,528).

MARGARET STEELCHARITABLE TRUST INO. 21
YEAR ENDED 31 DECEMBER 2025
Reservès Policv
The Trustees have no specific resèrvé5 policy being empowered to apply the income and capital without
rèstriction, to the furtherance of the objectives of the Trust.
Statement of Trustees. Responstbilittè5
The Trustees must prepare financial statement5 which give sufficient detail to enable èn appreciation of the
transactions of the Trust dvring the financial year. The Trustees ère responsible for keeping proper accounting
records which, on request must reflect the financial position of the Trust at thattime. This must be done to
ensure that the financial statements comply with Charities and Trustee Investment IScDtlandl Act 2005 and
the Charities Accounts (Scotlandl Re8ulations 2006. They are also responsible for safeguarding the asset5 of
the Trust and must take reasonable steps for the prevention andlor detettion of fraud and other irregularitie5.
Approved by the Trustees and signed on thelr behalf
Virginia Wilkie
John S H Watt
Session Clerk- Pitlochry Church of Scotland
Trea5urer- Pttlochry Church of Scotland
Date..
.71-. (J.b.-

MARGARtr STEEL CHARITABLE TRUST (No. 21
YEAR ENDED 31 DECEMBER 2025
Independent ExamineVs Report to the Trustees of the Margaret steel Charltsble Trust INO 21
I report on the accounts of the Charity for the year ended 31 December 2025 which are set out on page5 6-7.
Respettivè Responslbllltles of Trustèes and Examiner
The Charl￿5 Trustees are responsible for the preparation of the accounts in accordance with the terms of the
Charities and Trustee Investment (Scotlandl Act 2005 and the Charitie5 Accounts Iscotlandl Regulations 2006.
The CharttyTrustees consider that the audit requirements of Regulation 10111 lal to Icl of the Accounts
Regulation does not apply. It is my responsibility to èxamlne the accounts as required under section 44111 Icl
of the Att and to state whether particular matters have come to my attention.
Basls of Independent Examlnerfs Statement
My examination is carried out Sn accordance with Regulation 11 of the Charities Account5 (Scotlandl
Regulations 2006. An examlnation include5 a review of accounting records kept by the Charity and a
comparison of the accounts presented with the records. It also includes consideration of any unusual items or
disclosur@s in the accounts, and Seeks explanations from the Trustees concerning any such matters. The
procedure5 undertaken do not provide all the evidence that would be required in an audit. and consequently I
do not express an audit opinion on the view given by the accounts.
Independent Examlnerfs 5tstement
In the course of my examination, no matter has come to my attention
which gives rne reasonable cause to believe that in any material respect the reouirements-.
to keep accounting record5 have not been kept in accordance with Section 44111 lal of the
Charities and Trustees Investment (Scotlandl Act 2QXJ5 and Regulation 4 of the 2006
Accounts Regulations and
to prepare accounts which accord with the accounting rectsrds and comply with Regulation 9
of the 2006 Accounts Regulations have not been met or
to which, in my opinion. attention should be drawn order to enable proper understsnding
ofthe accounts to be reached.
Signed..
Name=
Graeme Tough C.A.
Address..
BK Plus
26-30 8onnethill Road
Pitlochry
PH16 5BS
Date..

RESTRicfED FUNDS HELD ON BEHALF OF THE CONGREGATION
BY THE MARGAR￿ STEEL TRUSTEES
YEAR ENDED 31 OECEMBER 2025
2025
2024
Receipts
Attivitie5 for Generating Funds
Bank & Deposit Interest
Investment Income
233
1,575
1,576
From sale of Units
1.689
1,809
Payrnents
Excess of receipts over payments
1,689
1,809
Bank & Deposit Ba18n￿5
Bank & Deposit Ba13nces b/fwd
2,149
10,340
Movement in Year
Purchase of Unit5
Excess of receipts over payments before transfers
1.689
1,80g
Transfer to Pitlochry Church of Scotland as contribution to theTryst heating
iO,OL
Cash Balance in Deposit A/C
3.838
2.149
Investments at Market Value b/fwd
IC05t £31,9841
43,379
41,173
Sale of Investments
Realised Loss on sale of investments
Gain on revaluation
2.435
2,435
2,206
2,206
Closing Balance of Investments to CIF
45.814
43,379
Value of Funds held 35 of 31 Oec 2024and 31 Dec 2025
COSIT Growth Fund
COSIT Income Fund
25,346
ZON68
3,838
49.652
23,504
19,875
2,149
45.528
CO5￿ Deposit Account

Maryaretsteel Charltable Trust IN0.21
Notesto Accounts
YEAR ENDED 31 OECEMBER2025
Trustee Remuneratlon at)d Related PartyTransartlons
NoTrustee received any remuneration or reimbursementof expenses durlngtheyeèr.
No Trustee ora person related to a Trustee had any personal iftterest in any contractertraDS3Ction entered Into by
Movementln Funds
Z025
2024
Fund5 held in Dep05ltAccount asof January 1st
2,149
10,340
Receiptsforyear
Payments foryear
1,689
1,809
10,000
DÈposlt Fund 8aL3nce as of 31st December
3.838
2,149
Investments
Marketvalue at 15tJanuèry
43,379
41.173
Unrealised G&inllLcssl en Investment5
2,435
2.206
Market Value asof 31st Oecember
45.814
43,379
Summary
Thefollowing lth¥estments are now held at)d arevalued a5 at31st December 2025
Church of kotland Investors'Tru5t
Unitprite
Unit Holdln85
F¥ndValue
Growth Fund
Market Value at 315t De￿mber 2025
£6.88
3,684
25,346
Income Fund
Marketvalue at31st Decetnber 2025
£11.39
797
20A68
COSTh DeposltA¢count
3.838
Total Fund Value as of 31st Decernber2025
49.652