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← Robbs Trust Scheme 1934

2025-03-31-accounts

Robb’s Trust Scheme 1934

Annual report and financial statements

For the year ended 31 March 2025

Scottish Charity Number: SC002872

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Robb’s Trust Scheme 1934 Contents

Page
Trustees and professional advisers 1
Trustees’ report 2-3
Independent examiners report 4
Statement of financial activities 5
Balance sheet 6
Notestothefinancialstatements 7-15

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Robb’s Trust Scheme 1934

Trustees and professional advisers

Independent examiner Henderson Loggie LLP
1 Marischal Square
Broad Street
Aberdeen
AB10 1BL
Bankers Bank of Scctland
New Uberior House
11 Earl Grey Street
Edinburgh
EH3 9BN
Investment Advisors Brown Shipley
2 Multrees Walk
Edinburgh
EH1 3DQ
Solicitor Stronachs LLP
28 Albyn Place
Aberdeen
AB10 1YL
ScottishCharityNumber $C002872

1

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Robb’s Trust Scheme 1934

Trustees’ report

The Trustees submit their report together with the financial statements of the Trust for the year ended 31 March 2025.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust's deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)".

History of and objectives of the Trust

The Trust was set up for charitable purposes as an educational endowment, operating as a scheme under the Educational Endowments (Scotland) Act 1928. The scheme was established to administer a bequest contained in the Trust Disposition and Settlement of the late Reverend John Robb of Pittrichie dated 21 May 1888, encompassing a Disposition of the Lands of Pitcow also dated 21 May 1888, as supplemented by a Scheme of Directions dated 16 November 1888. In August 2018 the Trustees reviewed and updated the Trust's governing document. This was to ensure any failed beneficiaries were replaced with new beneficiaries having similar purposes and to ensure that all distributions are meaningful. The Constitution was again updated in 2025 to remove the fixed scheme of distributions and therefore provide greater flexibility in the administration of the Trust in what has become a challenging financial environment. The latest update also changed the way in which Trustees are appointed to the Trust, removing the previous ex officio appointments.

The bequest is now held as an endowment and administered by the Trustees under the terms of the new Constitution. The Trustees have the power to invest the Trust Funds and administer the affairs of the Trust in accordance with the terms of the Constitution. In particular, the Trustees have power to make capital and/or income distributions from time to time to any one or more of the Trust beneficiaries at their discretion.

Financial results and review of activities

The Trust's statement of financial activities shows a surplus for the year of £302,345 (2024: £41,360 deficit), after reporting a gain on the disposal of property of £359,031 (2024 - £nil). If this gain were excluded, the Trust would report a deficit of £56,686 (2024 — deficit of £41,360).

Investment income £57,501 of was generated in the year (2024: £65,971).

Payments of £55,847 (2024: £93,535) were made to beneficiaries during the year.

The Trustees deem the Trust's assets sufficient to meet all anticipated future commitments.

Investment policy and returns

The Trustees policy is to maintain income while preserving the value of endowment investments. The Trust's investments have continued to be managed by its investment advisers, on behalf of the Trustees, in accordance with this policy.

Reserves

The Trustees take a cautious approach and retain sufficient reserves in excess of normal requirement levels. Total reserves currently stand at £2,702,562, of which £1,897,363 are fixed assets at the year end.

The Restricted Endowment Fund, included within Total reserves, was established for the purpose of setting up an Educational Endowment Fund. Total reserves for this fund were £2,006,013 at the year-end (2024 - £2,171,326).

2

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Robb’s Trust Scheme 1934

Trustees’ report (continued)

Reserves (continued)

Income received on investments held in the endowmentfund is held separately in the Restricted Income Fund and is used to make payments to beneficiaries. Total reserves for this fund were £199,874 at the year end (2024 - £203,136).

Risk

The Trustees are responsible for the management of the risks faced by the Trust and have considered the risks to which the Trust is exposed. These relate in main to investment management. Such risks have been mitigated by the employment of Brown Shipley as investment managers. Financial risk is also spread through the ownership of investment property and land. The Trustees also protect against the risk of financial mismanagement by the appointment of the solicitors, who are bound by the Law Society of Scotland Solicitor's Accounts Rules in relation to their client monies, to carry out the day to day administration of the Trust in compliance with regulations governing charities.

Key management personnel

The Trustees are deemed key management and are not remunerated by the Trust.

Trustees’ responsibilities statement

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and the provisions of the Trust's constitution. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

By order of the Trustees

_ 16 December 2025

3

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Robb’s Trust Scheme 1934

Report of the Independent Examiner to the Trustees of Robb’s Trust Scheme 1934

| report on the financial statements of the Charity for the year ended 31 March 2025 which are set out on pages 5 to 15.

This report is made to the Trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken to enable me to report my opinion set out below and for no other purpose. To the fullest extent permitted by law I do not accept or assume responsibility to anyone other than the Trustees, as a body, for my work or for this report.

Respective responsibilities of the Trustees and Independent Examiner

The Charity’s Trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The Charity’s Trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.

Basis of Independent Examiner’s Statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the Charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the view given by the financial statements.

Independent Examiner's Statement

In the course of my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that in any material respect the requirements:

  2. e to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and

  3. e to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations have not been met, or

  4. 2 _ to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

For and on behalf of Henderson Loggie LLP 1 Marischal Square

Broad Street Aberdeen AB10 1BL

16 December 2025

4

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Robbs Trust Scheme 1934

Balance sheet as at 31 March 2025

Note 2025 2024
£ £ £ £
Fixed assets
Investment properties 5 1,291,961 1,777,979
Fixed asset investments 6 605,402 606,876
1,897,363 2,384,855
Current assets
Bank 861,621 25,416
Cash 509 1,393
Accrued income 924 -
863,054 26,809
Creditors: amounts falling due
within oneyear 7 (57,855) (11,447)
Net current assets 805,199 15,362
Net assets 2,702,562 2,400,217
The funds ofthe charity
Restricted endowment funds 10 2,006,013 2,171,326
Restricted income funds 10 199,874 203,136
Unrestricted funds 496,675 25,755
2,702,562 2,400,217

The financial statements on pages 5 to 15 were approved by the Trustees on 16 December 2025

Trustee

6

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Robbs Trust Scheme 1934

Notes to the financial statements

1 Principal accounting policies

Trust information

Robbs Trust Scheme 1934

is an educational endowment registered in Scotland. Its registered

Basis of preparation and assessment of going concern The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006.

The Trust constitutes a public benefit entity as defined by FRS 102.

The financial statements are prepared in sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared on a going concern basis under the historical cost convention modified for fair value as required.

The principle accounting policies are set out below.

Income

Income is recognised when the Trust is legally entitled to it, after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Investment income is recognised when receivable.

Expenditure

Raising funds and charitable expenditure is accounted for on an accruals basis and is allocated to expense headings on a direct cost basis. The irrecoverable element of VAT is included with the item of expense to which it relates.

Payments to beneficiaries are made in accordance with the terms of the Constitution.

Fixed assets

Investment properties are included in the balance sheet at their open market value.

Investments

Investments are stated at fair value at the balance sheet date. Fair value is the market value at the reporting date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.

Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

7

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Robbs Trust Scheme 1934

Notes to the financial statements (continued)

1 Principal accounting policies (continued)

Financial instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including creditors are recognised at transaction price.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust's contractual obligations expire or are discharged or cancelled.

Funds

Restricted endowment funds (REF) represent funds which have been received and are to be held for a specific purpose as specified by the donor and are to be spent by the Trustees in furtherance of the Trust objectives.

Income received on investments held in the endowment fund is held separately in the Restricted Income Fund (RIF) and is used to make payments to beneficiaries and to fund general running costs.

Unrestricted Funds can be used in accordance with the charitable objects at the discretion of the Trustees.

Critical accounting estimates and judgements

In the application of the Trust's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The Trustees consider that the following judgements have had the most significant effect on amounts recognised in the financial statements.

The Trustees consider whether the investment property is impaired and the carrying value at the balance sheet date. The last professional valuation was prepared at 31 March 2015 and the Trustees do not believe that the fair value of the property has materially changed and are of the opinion that the carrying value of investment properties at the year end of £1,291,961 is true and fair.

8

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Robbs Trust Scheme 1934

Notes to the financial statements (continued)

2 Investments

2025 2024
£ £
Dividends received — restricted income 19,361 19,270
Wayleaves 375 626
Rent received 37,109 40,722
56,845 60,618
Bank interest— received 656 5,353
57,501 65,971

9

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Robbs Trust Scheme 1934

Notes to the financial statements (continued)

4 Grants payable

Institutions Individuals 2025 2024
£ £ £ £
Lonmay Parish Church 1,862 - 1,862 3,118
Aberdeenshire Educational Trust 22,339 - 22,339 37,414
Aberdeen Endowments Trust 16,754 - 16,754 28,060
Dr Spence Memorial Hall 2,792 - 2,792 4,677
Whiterashes Community Hall
ofDeer)		 2,792
-		 1,862 2,792
1,862
Minister of Longside) - 1,862 1,862 3,118
- - - 3,118
St Machar Cathedral Church 931 - 931 3,048
Devana Parish Church 931 - 931 1,559
- 930 930 -
- 930 930 -
~ 48,401 7,446 =«55,847 93,535
All grants payable are made in relation to the furtherance ofcauses consistent with the objectives ofthe
charity.
Investment properties
2025 2024
£ £
Held atvaluation
Net book value at 1 April 2024 1,777,979 1,777,979
Disposal value (486,018) -
Netbookvalueat31March2025 1,291,961 1,777,979

5 Investment properties

The valuation of investment properties was made at 31 March 2015 by the Trustees on an open market value basis. The Trustees do not believe that the fair value of the property is materially misstated at 31 March 2025.

11

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Robbs Trust Scheme 1934

Notes to the financial statements (continued)

6 Investments

Investments
2025 2024
Listed Listed
£ &
Fair value at 1 April 2024 606,876 648,786
Acquisitions at cost 213,097 380,698
Disposal proceeds (229,381) (457,016)
Net (loss)/gain realised on disposal (21,638) (35,312)
Unrealised gain/(loss) foryear 36,448 69,720
Fairvalue at 31 March 2025 605,402 606,876
Historicalcostat31March2025 592,512 474,636

Investment Risks

FRS 102 requires the disclosure of information in relation to certain investment risks. These risks are set out by FRS 102 as follows:

The Charity has exposure to these risks because of the investments it makes to implement its investment strategy. The Trustees manage investment risks, including credit risk and market risk, within agreed risk limits which are set taking into account the Charity’s strategic investment objectives. These investment objectives and risk limits are implemented through the investment manager agreements in place with the Charity’s investment managers and monitored by the Trustees by regular reviews of the investment portfolios.

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Robbs Trust Scheme 1934

Notes to the financial statements (continued)

6 Investments (continued)

Credit risk

The Charity invests in pooled investment vehicles and is therefore directly exposed to credit risk in relation to the instruments it holds in the pooled investment vehicles and is indirectly exposed to credit risks arising on the financial instruments held by the pooled investment vehicles.

Analysis of direct credit risk

Direct credit risk arising from pooled investment vehicles is mitigated by the underlying assets of the pooled arrangements being ring-fenced from the pooled manager, the regulatory environments in which the pooled managers operate and diversification of investments amongst a number of pooled arrangements. The Trustees carry out due diligence checks on the appointment of new pooled investment managers and on an ongoing basis monitor any changes to the regulatory and operating environment of the pooled manager.

Pooled investment arrangements used by the Charity comprise authorised unit trusts.

Indirect credit risk arises in relation to underlying investments held in the bond pooled investment vehicles. This risk is mitigated by only investing in pooled funds which invest in at least investment grade credit rated securities.

Currency risk

The Charity is subject to currency risk because some of the Charity’s investments are held in overseas markets, via the pooled investment vehicles.

Interest rate risk

The Charity is subject to interest rate risk through investments comprising bonds.

Other price risk

Other price risk arises principally in relation to equities held in pooled vehicles. The Charity manages this exposure to other price risk by constructing a diverse portfolio of investments across various markets.

cf

Creditors: Amounts falling due within one year

cf Creditors: Amounts falling due within one yearyear
2025 2024
£ £
Sundry creditors 57,855 11,447
8 Financial instruments
2025 2024
£ £
Carrying amount offinancial assets
Equity instruments measured at fair value 605,402 606,876
Investment property carried at valuation 1,291,961 1,777,979
1,897,363 2,384,855

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Robbs Trust Scheme 1934

Notes to the financial statements (continued)

9 Allocation of Trust net assets Allocation of Trust net assets
Fixed Current Current
2025 assets Investments assets liabilities Total
£ £ £ £ £
Endowment 1,291,961 366,009 348,043 - 2,006,013
Restricted income - 239,393 18,336 (57,855) 199,874
Unrestricted funds - - 496,675 - 496,675
1,291,961 605,402 863,054 (57,855) 2,702,562
Fixed Current Current
2024 assets Investments assets liabilities Total
£ £ £ £ £
Endowment 1,777,979 393,347 - - 2,171,326
Restricted income - 213,529 1,054 (11,447) 203,136
Unrestricted funds - - 25,755 - 25,755
1,777,979 606,876 26,809 (11,447) 2,400,217
10 Restricted funds
Restricted Restricted Total
2025 Endowment Income Restricted
Funds Funds Funds
£ £ £
At 1 April 2024 2,171,326 203,136 2,314,462
Income - 56,845 56,845
Expenditure (68,890) (60,107) (128,997)
Gain on investment assets 14,810 - 14,810
Gain on sale of investment property 359,031 - 359,031
Transfers (470,264) - (470,264)
Funds at 31 March 2025 2,006,013 199,874 2,205,887
Restricted Restricted Total
2024 Endowment Income Restricted
Funds Funds Funds
£ £ £
At 1 April 2023 2,180,652 240,523 2,421,175
Income - 60,618 60,618
Expenditure (43,734) (98,005) (141,739)
Gain on investment assets 34,408 - 34,408
Fundsat31March2024 2,171,326 203,136 2,374,462

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Robbs Trust Scheme 1934

Notes to the financial statements (continued)

10 Restricted funds (continued)

The Restricted Endowment Fund was established by the initial bequest made for the purpose of setting up an Educational Endowment Fund. It also includes the revaluation gain arising from the property revaluation in 2015. The revaluation element relating to the disposal in the current year has been released to unrestricted funds.

Income received on investments held in the endowment fund is held separately in the Restricted Income Fund and is used to make payments to beneficiaries. The Endowment Fund is used to fund general running costs.

11 Control

The Trust is controlled by the Trustees.

12 Related parties

In the year to 31 March 2025, the Trust paid £22,339 (2024 - £37,414) to Aberdeenshire Educational Trust which has a common Trustee. The Trust also paid £16,754 (2024 - £28,060) to Aberdeen Endowments Trust which also has a common Trustee.

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