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.

COVID-19 update

Due to recommendations from the UK Government in respect of the current coronavirus pandemic, please note that our offices are currently closed. We would like to reassure Investors that the Investors Trust staff are included in the support from 121 and whilst working from home, intend to operate as fully functional as possible. Dealing deadlines for our Growth Fund and Income Fund will remain unchanged.

During this time we would encourage, where possible, that any instructions are signed, scanned and emailed to the group mailbox Emails will be acknowledged as quickly as possible and processed accordingly. 

Please be advised that we do not have the capacity to reply to requests for year end figures individually. These will automatically be issued to all Congregational Treasurers as soon as possible. We estimated this will be towards the end of January (rather than the usual mid-January timing) as our staff continue to adhere to health and safety regulations in the preparation and distribution of these packs.

Performance returns for each of our funds will also be posted on this webpage as soon as possible.

Many thanks for your patience and cooperation.

Important news for Treasurers for 2021 budgets

A new Bulletin has been published for investors in the Church of Scotland Investors Trust. It provides an update to the Bulletin published in May 2020, which was intended to help investors understand the likely impact of the COVID-19 pandemic on their holdings in the Growth, Income and Deposit Funds.

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 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.

In the video below Christopher Smith of Thomas Miller Investments (Isle of Man) Ltd. offers a brief introduction to the company which manages the Church of Scotland Investors Trust Deposit Fund and explains their outlook for 2020.

Deposit Fund Manager's Presentation June 2020

Deposit Fund Factsheet Q3 2020

Interest rates

Fund Financial Quarter Interest Rate
Deposit Fund Three months to 31/03/20            0.76%
Deposit Fund Three months to 30/06/20 0.67%
Deposit Fund Three months to 30/09/20 0.46%
Deposit Fund Three months to 31/12/2020 0.25%

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 Church of Scotland Investors Growth Fund is managed by Newton Investment Management Limited. In the video below, Simon Nicholls, Portfolio Manager on the Multi-Asset and UK Equity team, offers a brief update on the Growth Fund for June 2020.

Growth Fund Factsheet Q3 2020

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 Manager's Presentation June 2020

Income Fund Factsheet Q3 2020

Unit Values at 31st December 2020

Growth Fund 2.23% On a targeted distribution of 12.0p per unit           £ 5.37
Income Fund

3.54% On a targeted distribution of  45.0p per unit

£ 12.71 

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 at the Church's offices in Edinburgh.