Watsonian Benevolent Fund Trustees, report and accounts Charity Number: SC001821 31 July 2025
Watsonian Benevdent Fund Trustees, report and accounts 31 July 2025 Contents Page Fund infomation Twstees, annual report Slalemenl of twsloes, responbillI1es Independent Examinees report Statement of financial activities Balance Sheet Statement of ca8h fl¢JWS Notes to the accounts
Walsonian Benevolent Fund Trustees. POrt and acccmjnls 31 July 2025 Fund infomiation Prfnclp•l offlce The Development Offic George Wdtson's College Colinton Road, Edinburgh EH10 SEG Trustees (Claims Sub Commlttee) The Chairman ofthe Fund- Dr Roger Smith The Secretary ofthe Fund- Aan Hartley C.A. The President of th8 Watsonian Club- Ben Di Rolk) {retired 31 Juty 20251 The President of the Walsonian Club- Davhd Macdonakl (appointed 1 August 20251 Principal of George )A&tson's College- Melvyn Roffe Iretired 31 August 20241 Principal of George Itson'S College- Lis8 Kerr {apwnted 12 August 2024) Dr Janel Young (appointed 1 Novemter 2024) Bankers The Royal Bank of Scolknd plc 36 Sl Andrew Square. Edinburgh EH2 2YB Investmgnt Advis8rs Brewn Dolphin Atria One, 144 Morrison Street. Edinburgh EH3 8EX Independent Examln8r Imlliam AS Gunn C.A. Gibson McKerrell Burrows Limited 28 Rulland Square. Edinburgh EH1 2BW
Walsonian Benevolent Fund Trustees, report and accounts 31 July 2025 Trustees, annual report Yearended31 Juty 2025 The trustees presgnt their annual report and aecounls for the year ended 31 July 2025. Charity infoThnall is 8hovm on page 1. Struthire. governan¢• and managgment The Watsonian Benev¢Jenl Fund was founded by Deed of Trust dated 4 Juty 1946. A new Deed was adopted in substitution of eartier Deeds on 24 January 2023. The Charity is regisleTed as a Scottt'sh charity Icharty number SC0018211 with the Office of the Scottish Charty Regulator. The trustees meet regulaty lo consider applic81ions received. The Trustees review the applications received and grants will be awarded based on their consideration of the applicatson and whether il fits with their grants wlicy. The trustee$ vh)0 acted at any lime during the year were as follows.. The Chaimian of the F- Dr Roger Smilh The Secretary oflhe Fund- Alan Hartley C.A. The President of the Watsonian Club- Ben Di Rollo (retired 31 Juty 20251 The President of the Walsonian Club- David Macdonald (appointed 1 August 20251 Principal of George tson'S College- Melvyn Roffe {relired 31 August 2024) Princip81 of George tSon'S College- Lisa Kerr (appointed 12 August 2024) Dr Janet Young lappointed 1 November 2024) Tralnlng of trustees Trustees have been briefed and updated on relevant charws in legislation and financial procedures and are aware of the new requiiemènts and guidelines lo the performance of trustees. Risk assessment The trustees have considered during the year the risks which the Trusl faces, in partieular those related to the financial and investment operations of the Trust, and aro satisfied that system5 are in place lo minimise these risks. A risk register has been compil&d and is r6viewed on an annual basis. objecthi. activltles and achlevemonts Tho object of the Sonian Benevolent Fund is to PfOVTde refv'ef for forffler pupils and members and fomier members of staff of George Walson's College and their dependants who may be in circumstances requiring financial or other aid. Applicants are required lo make written application for relief stating their circumstsnces and the grounds on which th daim relief from the Fund. Applications are reviewed by the Claims SulFCommittee which has power to make grants immediately in case of urgency. or lo refer them to the Commrttee.
Walsonian Benevolent Fund Trusleos, rep(wt and accounts 31 July 2025 Trustees, annual report {continued) Yearend•d 31 July 202S Oble¢llves. activitles and achievemgnts (conb"nued) During the year, the Trust awarded 4 grarts {2024- 31 tt>tdling £12,52712024.- £6,763). Details of grants are given in note 6 to the accounts. The Trust's income from investments in the year tolalled £14,80912024- £13,960>. Financlal revlow The Tesull for the year 1$ sel out in the statement of financial ath"vittes on page 6. The trustees Consider operations lo be SatisfaOry. Investment pollcy and perforniance The investment strategy pursued by the Trust is lo balance income and capital growth. This policy is lo enable the Trust lo cover all expected grants payable within the period while limiting the risk of firtancial exposure. to date. the investment portfolio has performe(l in excess of this strategy. Resetves pollcy The tnjslees consider the free reserves of the Trust to be defined as total unrestricted funds. At 31 Juty 2025, the free reserves stood at £585.552 12024 - £564.135}. The Trust need$ lo hold 8 small amount of reserves1£5.000} to cover the govemance and support costs. However. Ihe main reason for holding reserves is to ensure that the Tnjst has sufficient incoming resources to fuTh the current level of grants %thich are made. as it is believed that the current level of grants 15 a good indicator of the level of ftrture grants. It is therefore the trustees, policy lo maintain the level of ftjnds under management al such a level in order to maximise the total return on these to the Tnjst and therefore the amount available for ultimate disthbLrtion. In the Cuent year, investmenl income stood at £14.809 (2024 - £13.9601. The level of income is therefore generally tsi line with the level of grants made and f( is the trustees. intention to monitor this year on year. Plans for future perlods The trustees aim to cont¢nue to support the benefiaaries. Approved by the Trustees and stgned on its b8half by.. Dr RG Smlth Trustee April 2026
Watsonian Benevolent Fund Trusle&s' N¥t and accounts 31 July 2025 Statement of trustees, responsibilities The trustees are responsible for preparing the Trustees, Annual Report and the financial Statements in accordance with applicable law and United Kingdom Accounting Standards {Unrted Kingdom GenerallyApled Accounting Practice). The law applicable to charibes in Scotland requires the trustees to prepare financial slalements for each financial year which give a true an(J fair view of the slate of afFdirs of the charty and of its incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are requiTed to". select suitable accounting policies and then apply them wnsistently.. observe the methods and principles of the applicable Charrties SORP-, make judgements and eslimales that are reasonable and prudent.. stale whether ap1¢able accounting stsndards have been followed. subject lo any material departures disdosed and explained in the finanu81 statemen15', and prepare the financial statements on thè gc¥ng concem basis unless rt is inapproprie to presume that the charity will continue in business. The trustees are ¥esponsible for keeping proper accounting recdS that disclose wth re8son8ble accuracy al any time the financial posth'on of the charity and lo enable them to ensure that the financial statements CoMY wilh the Charities and Trustee Inv8stment (Scoand) Act 2005. the Charities Accounts {Scolland) Regulation5 2006 las amended) and the prowsions of the trust deed. They are also responsible for safeguarding the 8ssels of the charity and hence for taking reasonable slep$ for the prevenli¢M and dete¢tr'on of fraud and other irregularities. The tnjslees are sponSIb for the maintenance and integrity of the chanty and financial information induded on the charty's website. Lw"slation in the United Kingdom goveming the preparation and dissemination of finan(#al slements may differ from bgislallon in otrter jurisdictions.
Watsonian 8enevob&nt Fund Trustees, report and accounts 31 July 2025 Independent Examiner's report to the trustees of the Watsonian Benevolent Fund I report on the accounts ofthe charity for the year ended 31 Juty 2025 whrch are set out on pages 6t013. ReSpecve responslbllllles of trustees and Ind8pgndent exarnlner The charity's Committee are responsible for the preparth'on of the accounts In accordance wth the temis of the Charities and TTUStee lllveslmenl (Scotlandl Act 2005 and the Charities Accounts (Scotlandl Reyulats"ons 20[ las amended). The charity's Committee consider that the audit roquirements of Regulation 10{11{al to Ic} of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under $edIc 4411}(c) of the Act and to stste whether particular matters have come lo my attention. Basls of Independent examiner's statement examination 15 carried out in accordance wilh Regul8llon 11 of the Charities Accounts (stIand) Regulations 2006 (as amended). An ex8mination indudes a review of the a¢counllng records kept by the charrty and a comparison of the accounts Pfesenled wilh those records. ft also indudes consideration of any unusual items or disdosures in the accounts, and seeks explanations from the Committee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequentiy I do not express an audit opinion on the view given by the accounts. Independent examiner's statement In the course of my examination, no matter has come lo my attention (11 which gives me reasonable cause lo believe that in any material respect the requirements.. {a) lo keep accounting records in accordance wrth section 4411)la} of the 21]05 Act and Regulation 4 of the 2006 Accounts Regulations., and Ib) to prep8re accounts which accord wlh the aixounting records and comply with Regulation 8 of the 2Q06 Accounts Regulations have not been met. or {21 to which, in my opinion, attention should be drawn in order lo enabl8 a proper understsndiThJ of the accoun o be reached. Wllllam AS Gun Independent Exa ner Gibson McKerrell Burrows Limited 28 Rutland Square EdinExJrgh EH1 2BW Relevant Professional Bo(ty'. Institute of Chartered Accountants of Scotland April 2026
sonian Benevolent Fund TNstees' report and aceounts 31 July 2025 Statement of financial activities for the year ended 31 July 2025 2026 2024 Incom¢ from Donations Investments 1,060 14,809 11,050 13,980 Total Ineomo 16.859 25.010 ExD•ndlture on: Raisina ftjnds charitab aGtNities 13.1061 113,6871 12.9421 17.7631 Total expondl¢ure 116.6931 110,7051 Net oaln on inve$lrnen¢8 21261 36.936 N•t In¢omel(exp•nditurel 21A17 51.241 Totsl funds brouoht foNRr SH135 512.894 Total funds carrfed fov*ard $85,552 564,135 All of the charity'5 actNilies are continuing. The statement of financial activities Ir18$ all galns and losses recognised in the year. All fvnds are unrestrided.
Watsonian Benevolent Fund Trustees, report and accounts 31 July 2025 Balance sheet as at 31 July 2025 2025 2025 2024 2024 Flxed &58ets Investments 634.141 515,185 Current assets Invostments Cash at bank 4N7 48,664 4.978 45.972 53,611 50,950 Credlto Amounts falling due wthin one year 10 12,1001 12,0001 N•t eurrent assèta 51M11 48,950 Net auots fj86,562 S64,135 Ftsnd• Unstr1ded lund5 58SW2 564,135 I funds are unrestricted. These ac¢>Junts were approved by the trustees oJl"April 2026 and were signed on their behaff Dr RG Smlth Trustee
Walsonian Benevoknt Fund Trustees, rep(#t and accounts 31 July 2025 Statement of cash flows at31 July 2025 2025 2025 2024 2024 ash fl¢)w8 from tsperatlng aetivilies Net Incomellexpenditurel Investments Igainsl Ilncomel ffom investments Inuease in Creditors 21.417 122.2511 {14,8091 100 51,241 136.9361 113.9601 Cash lus•d Invprovlded by operalrng actlvlti08 11S,6431 Cash Ilows from Imftstbng aclhTitle8 Investrnent income Purchase of investments Prod8 frrxn Sa of investments 14,809 1129.7771 133.072 13,960 1115,7641 117,356 Cash provlded by inv•stlnu actlvlti 18.1114 15.$52 Increa In $h and cash equivalont8 In year Cash 8nd cash equNalents at the beginning ol year 2.561 16,897 50,960 34,053 Totsl ca$h and cash equlvalents at end of year 53,511 Ca$h an¢J cggh eguNalenls comprise.. Ca$h at bank Investments held as cash 48,664 4.847 4S,972 4.978 53.811 50.950
Walsonian Benevolent Fund Trustees, report and ¥counts 31 July 2025 Notes (fom7ing part of the financi81 statements) forthe year ended31 July 2025 Prlncipal accountlng policlos The followng accounting poliaes have been applied consistenty in dealing y1h items whith are considered material in relalon to the accoun1$. Genernl Infomiatlon The charity 15 a registered charity in SwlEand and is unincofPOTated. The address of the principal office is Tho Development Office, George Watson's College, Colinton Road. Edinburgh EH10 SEG. Basls of proparatlon The financial 5181ements have been prepared on a going concem basis in accordan¢e with applicable accounlwi9 Standards and under the historical cost convention. Thè charity is a Publlc Benefft Entity. The financial ststemenls are compliant wth the charity's Trust Deed, the Charities and Trustee Investment (SttarlI Act 2005, the Charitie$ Accounts (Scotland) Regulation$ 2006 (as amended), the Financlal Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and 'Accounling and Reporting by Charitles.. Sl*emertt of Recommended Practi applicable to charith'es preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Rewblic of Irgland (FRS 1021. leffe¢tive 1 January 20191, (Charities SORP IFRS 102)). The financtal statements are ppared in steiling. which is the ftsnctional currency of the entty. Tanglble flxed asset Investments Investments are included al mark&t value at the balance sheel date. Realised gains and losses are the difference between sale syoceeds and market value al the end of the previous year end. or purchase Cost rf acquired during the financial year. Unrealised gains and losses are the differen beiween the Maet value at the start and end of the financial year, or belween the dale of acquisition and at the end of the financial year if acquired within the financial year. Unrealised surplusgs and deficits are credf(ed or harged to the unrestricted fund at the year end. Incom8 Income is recognised when the chanty has entitlement. there is probabilFty of receipt and when the monetary value of the income can be meosureo wth sufficient reliability. Bank interest is included gross of income tax. Expendlture Resources &xpended in the slalement ol financial activities include expendiiure of grants payable, support costs and governance costs. These are charged to either charitsble activities or govemants co$Es as appropriate. being those expenses incurred the ordinary opfjrati(ms of the charity. Expenses indude irrecoverable VAT.
Mktsonian Benevolent Fund Trustees, reFQrt and accounts 31 July 2025 Notes fcontlnued) for the year ended 31 July 2025 Prlnclpal accountlng policie$ (continued) Grdnts Grarts payable are accounted for on the accruals basis. Cash Cash al bank and in hand indudes cash and sh¢)rt term highly liquid investments wth short maturity of threg months or less from the dale of acquisib.on or opening of Ihe deposrt or similar. Credltors and provlslons Creditors and provisions are reeognised where the charity has 8 presgnl obligalion resulting from a past event that will probably result in a transfer of funds to a third paty and the amount due to settle the obligab.on can be measured or estimated reliably. Creditors and provisions are nom)ally recognised at their settlement amounL Funds All the charity's fvnds are unrestricted and ayaable for ils charitable purposes al the discretion of the trustees. Judgements and key sources of estlmatlon unc8rtainty The preparation of the financial stslements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually revigwed and are based on experience and olheT factors. including expectations of future events that are believed to be reasonable under the ircumslan¢es. Incoma from donatlons and legacles 2026 2024 Indivklu81 donations 1,050 11,050 Income from Investsn&nts 2025 2024 th'vidends and iTrtertrst from securitaes recthved Bank deposit interest 13.968 843 13,307 653 14809 13.0 10
Watsonian Benevolent Fund Ttees. feport and actnIS 31 Juty 2025 Not&S (continu&u) for the year ended 31 July 2025 Expendlture on rn15ing funds 2026 2024 Inve5trnent manager's fe•5 3,106 2,942 Expendlture on ¢harltabl8 actlvltles 2026 2024 Granis payab I note 61 Governance costs Inote 71 12,527 1,060 6,763 1.000 13.587 7,763 Staff and trusts• ¢osts The Trust has no employees and the trustees (who are considered to be key management} receive no remuneration or expenses for work perfomied In connection with the affairs of the Trust. Grants payable In the year endgd 31 Juty 2025 the Tnjst made speeJfic grants as fc41ow5'. 2025 2024 104 113 115 121 3.163 1.200 2.400 1.200 2.400 5.371 12,527 6,763 No Nurnberofgrants Dayable 11
Watsonian Benevolent Fund Trustees, report and 8ccounts 31 July 2025 Notes (conlinu6d) forthe yearended31 July 202S Governance costs 2025 2024 Independent Examiner's 1,060 1.000 Fixod amet Investments 2026 UK Equlty Invostments 2024 UK Equrty Inveslrnents Market value At 31 July 2024 Additions at cost Disposals at opening market valua Net unre8ksed inv8Stmgr*t gainslllo¥sesl 616.18$ 129.777 1133,0721 22.251 479.841 115.764 1117.3561 38,936 At 31 July 2026 534,141 51S.185 Cost At 31 JY 2025 449,833 444.318 l investm&nls are hgld for investment purposes and are direct investments in listed securities. Cumnt asset Investment Current asset investment represents a cash balance held by the chariV$ investment advisers. 10 Credltors 202$ 2024 Amounts falllng due wlthln one yoar Accmjals 2.100 2.wo 12
Walsonian Benevolent Fund Trustees, report and accounts 31 July 2025 Notes (wnlinu8d) for the year •nded31 July 2025 11 R8$grve8 2024 As at 31 Jufy 2024 664,136 512.894 Totsl ineome Total expenditure G8in.Ilossl on investrnent8 1S.859 116,6931 22,251 25.010 110.7051 36.936 Surpluslldeficrtl for the year 21,41Y 51.241 At 31 Juty 2025 SB6,SS2 564.135 12 Flnan¢lal instruments 2026 2024 C•nyln9 amount of flnaneknl Ilabllltl•• MeaSud at 8moTltsed cost 2.IlXI 2.000 13 Related party transactlons Durin9 the year there were no rdated party transactions {2024'. None). Tru$t89 donatlons 14 The total amount donatod lo the Fwd dudng Ihe year by trustees was £Nil {2024.' £Nill. uitlmate controlling party 16 The charity is controlled by its Twstees. 13