Caleyboy, there has always been a considerable degree of smoke and mirrors since the debt was removed over the precise mechanics of that removal but yes, it was nominally to the Trust that the debt was transferred. However, in effect it appears to have been reconciled with the Bank of Scotland in some shape or form by Tullochs. I have to say that it was only when Tullochs' offer to donate the stadium fabric back to the club emerged in December 2016 that I began to see more clearly the full extent of the overlap between Tullochs and the Trust.
The way I see it is that the ICT Charitable Trust was set up as a tax efficient means of allowing Tullochs to remove the debt. Conspiracy theorists may at the one extreme suggest that the Trust was simply a vehicle for cynical asset stripping, and at the other that it allowed benefactors to retain a degree of anonymity. However, in the former case, a couple of observations need to be made. Firstly, almost 20 years on, the only contentious issue is long term use of the car parks by the club, and indeed a number of reassurances have been offered in that respect. And secondly, if there is an asset stripping conspiracy agenda then, as Trustees, public figures such as ex-Provost Allan Sellar and David Stewart MSP must have been complicit in it - along with the members of the Muirfield Mills consortium who now control the Trust, along with the 730,000 shares donated to it by Tullochs.
It's also worth observing that when the Inverness Caledonian Thistle Charitable Trust was set up, the legal conditions - as a quid pro quo for the tax concessions - included the requirement that all local sporting organisations should be among its potential beneficiaries. However I am not aware of anyone other than Inverness Caledonian Thistle FC having benefited at all from its activities.
To me, it's quite clear that the club, as a company, became debt free because that debt, of around £2.6M, was taken away by some unspecified arrangement between Tullochs and the main creditor the Bank of Scotland. In return, ownership of the stadium and its lease was transferred to the Trust rather than to Tullochs as discussed above. In terms of "dues", in order to work out what Tullochs have put in, you need to add up the £2.6M removed debt, £0.73M in cash in return for shares subsequently donated back to the Trust, the provision of the North and South stands, innumerable other, smaller "drip feed" contributions such as the provision of staff and, most recently, the write off of £300,000 of outstanding rent.... all of that also alongside the donation back of the stadium fabric. This has been estimated as having a gross value of around £6 million. As for rent paid in return, the only concrete figure we have is the current £205,000 pa. We don't know how much this was from the start of the 7500 capacity era and how it may ultimately have increased to that figure, nor do we know what it was for the pre-North and South stand period. However, I don't think that something in the ballpark of a net £3.5M, after deduction of rent paid, is an unreasonable estimate of what Tullochs have given to the club since around 2000.
I find it difficult to reconcile that figure with the notion that "we have more than paid our dues". (As an aside, I have always been a bit bemused by the view that the club should have been allowed to exist rent free in premises which it was obliged to give up because it vastly outspent its earning capacity.) I also find it difficult to see what, by way of keeping the club in existence, the alternatives back in the early 2000s would have been to the arrangements described above.
On the other hand if a "free lunch" extending to £3.5 with the only down side the title to the car parks over which significant assurances have been given is considered a bad deal......