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, respon￿billI1es
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 I￿tson'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 Satisfa￿Ory.
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 Cu￿ent 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 GenerallyA￿pled 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 ap￿1¢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 inappropri*e to
presume that the charity will continue in business.
The trustees are ¥esponsible for keeping proper accounting rec￿dS 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 CoM￿Y wilh the Charities and Trustee Inv8stment (Sco￿and) 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 sl*ements 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.
ReSpec￿ve 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
(s￿tIand) 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
$85,552
564,135
All of the charity'5 actNilies are continuing.
The statement of financial activities Ir￿1￿8$ 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•
Un￿str1ded 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
Pro￿d8 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 y￿1h items
whith are considered material in relalon to the accoun1$.
Genernl Infomiatlon
The charity 15 a registered charity in SwlEand and is unincofPOTated. The address of the
principal office is Tho Development Office, George Watson's College, Colinton Road.
Edinburgh EH10 SEG.
Basls of proparatlon
The financial 5181ements have been prepared on a going concem basis in accordan¢e
with applicable accounlwi9 Standards and under the historical cost convention. Thè
charity is a Publlc Benefft Entity. The financial ststemenls are compliant wth the charity's
Trust Deed, the Charities and Trustee Investment (S￿ttar￿lI Act 2005, the Charitie$
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 p￿pared 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 Ma￿et 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
Grar*ts 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 aya￿able 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
T￿￿tees. feport and act￿nIS
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 J￿Y 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$grve8
2024
As at 31 Jufy 2024
664,136
512.894
Totsl ineome
Total expenditure
G8in.Ilossl on investrnent8
1S.859
116,6931
22,251
25.010
110.7051
36.936
Surpluslldeficrtl for the year
21,41Y
51.241
At 31 Juty 2025
SB6,SS2
564.135
12
Flnan¢lal instruments
2026
2024
C•nyln9 amount of flnaneknl Ilabllltl••
MeaSu￿d at 8moTltsed cost
2.IlXI
2.000
13
Related party transactlons
Durin9 the year there were no rdated party transactions {2024'. None).
Tru$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