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.

Important updates for Treasurers

The regular release of 'bulletins' was implemented in 2020, largely in response to the COVID-19 pandemic, however these have proved an effective tool to communicate to our investors. Please see below links to historic bulletins issued which offer comment on issues such as market events, strategic funds changes and income generation.

Investors Trust information

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.

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.

Deposit Fund

This fund is intended for short-term investment and aims to provide a high rate of interest.

Deposits are repayable within one week of request 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.

Deposit Fund Factsheet Q4 2021

Interest rates

Fund Financial Quarter Interest Rate
Deposit Fund Three months to 30/06/2021 0.04%
Deposit Fund Three Months to 30/9/21 0.02%
Deposit FundThree Months to 31/12/20210.15%
Deposit FundThree Months to 31/03/20220.27%

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.

Growth Fund Factsheet Q4 2021

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.

Income Fund Factsheet Q1 2021

Unit Values at 30 April 2022

Growth Fund 1.96% on a targeted distribution of 11.0p per unit £ 5.61xd
Income Fund 3.43% on a targeted distribution of 40.0p per unit £ 11.65

Historic Prices

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.


Members of the Investors Trust are appointed by the General Assembly. The Chairman is Brian Duffin OBE and the Vice-Chairman is Robert Burgon.

Contact for more information

For further information please email or contact us on 0131 376 3678. Postal mail is being collected weekly when possible therefore please be mindful instructions sent via Royal Mail may be subject to significant delays.