Investors Trust

The Church of Scotland Investors Trust

The Investors Trust was established in 1994 by an Act of Parliament to offer the councils, committees and congregations of the Church a simple and economical medium for the investment of their funds. Investors are at liberty to invest in the trust to an unlimited extent. Copies of our Annual Accounts and Financial Statement, our Annual Review and the most recent Managers' quarterly reports can be accessed below.

Annual Review, Accounts and Financial Statements and Other Useful Information

Whilst the Managers of each of the Funds are regulated by the Financial Conduct Authority, (FCA), the Church of Scotland Investors Trust, under the provisions of the Financial Services and Markets Act 2000, is not considered to be operating the funds by way of business. Consequently, it is not required to be regulated by the FCA and the Trustees are not required to be authorised by the FCA.

The Funds

The Church of Scotland Investors Trust provides three funds for investors. These are:

The Deposit Fund

This fund is intended for short-term investment and aims to provide a high rate of interest. Deposits are repayable on demand with interest calculated quarterly in arrears, paid gross in May and November. The fund is invested mainly in short-term loans to banks and building societies. The Deposit Fund is professionally managed by Thomas Miller Investment Limited, based in London and Edinburgh.

Interest rates

Fund Financial Quarter Interest Rate
Deposit Fund Three months to 31/12/170.44%
Deposit Fund Three months to 31/03/180.42%
Deposit Fund Three months to 30/06/180.56%
Deposit Fund Three months to 30/09/180.63%

The Growth Fund

This fund is very largely equity-based and is intended for long-term investment. The fund is operated on a unitised basis and aims to provide capital growth. Units can be purchased or sold monthly. Income is distributed gross in May and November. The Growth Fund is professionally managed by Newton Investment Management Limited, based in London.

The Income Fund

This fund is intended for medium-term investment and aims to provide immediate high income with funds invested predominantly in fixed-interest securities and operated on a unitised basis. As with the Growth Fund, units can be bought or sold monthly with income distributed gross in March and September. The Income Fund is professionally managed by Royal London Asset Management, based in London.

Unit Values at 30th November 2018

Growth Fund 3.33% On assumed distribution of 17.0p per unit           £ 5.10
Income Fund

4.19% On assumed distribution of not less than 50.0p per unit

£ 11.91

The dealing procedures for dealing in units in the Growth and Income Funds has altered since January 2009. An explanation can be downloaded below.

Risk Warning:- Investors should bear in mind that values fluctuate and, as past performance is no guarantee of future returns, investors may not get back the original amount invested.  The Growth Fund and Income Fund units are only realisable on the monthly dealing dates.  The distributions paid by the Deposit, Growth and Income Funds are all liable to fluctuation.

Historical unit prices and distributions for both the Growth and Income fund can be viewed on the above link and enquiries about unit dealing dates should be directed to the Investors Trust at

Enhanced Security Forms

In order for a Congregation to invest in the Investors Trust funds, Enhanced Security forms must be completed and sent to the Investors Trust along with a copy of your bank statement.  These forms only need to be updated if there is a change of signatories or bank details.

Application forms

Application forms for each of the funds can be downloaded below. Please note we require one form per transaction:


Members of the Investors Trust are appointed by the General Assembly. The Chairperson is Catherine Alexander and the Vice-Chairperson is Brian Duffin.

Contact for more information

For further information please email or contact us at the Church's offices in Edinburgh.