Scoiiish Charlty No.. 5COIOOfj2 WILLIAM DAWSON TRUST TRUSTEES, ANNUAL RF,PORT AND FINANCIAL STATEMENTS Ftkr the ycar 31 Deteillber 2024 Siaiutory Brodies LLP Capit21 Square 58 Morrison SITeet Edinburgh EH3 8BP Tel.. 0131228 3777 Ref: KPI.DAW00004
WILLIAM DAWSOIY TRUST FINANCIAL STATEMENTS For the year ended 31 December 2024 CONTENTS Trustees, Annual Report Indepelldent Auditols Report Statement of Fsnancial Activities io. Balance Sheet 11-19. Notes to the Financial Stal¢ments
WILLIAM DAWSON TRUST TRUSTEES, ANNUAL REPORT or the year ended 31 December 2024 Reference and Administration lllformation Scottish ChRrity No: SC010662 Rtgi5ter¢d Offic4 SecretsrÉes, Solicitor5 and Tr¢*suJ'er5: Brodies LLP Capital Square 58 Morrison Street EDINBURGH F.H3 8BP Tru5tees', rsxnkers- Thc Royal Bank of SGOtl&nd plc lfi qt Andrpw 8qiJare EDINBURGH EF12 2YB Allditor.. Whitelaw Wells 9 Ainslie Place EDINBURGH EH3 6AT Investment Advxsors: RBC Brewin Dolphin Sixth Floor Atria One 144 Morrisotl Str¢et EDtNBURGH EH3 8EX FAetorG'. Bell In8r#m Manoi Sfftet ORFAR DD81 Page I
WILLIAM DAWSON TRUST TRUSTEES, ANNUAL REI PORT For the year ended 31 December 2024 Thc trnslee5 Pl'C5ent their report along with the fJnaDcial state¢1)t5 foi. the ye8r ended 31 December 2024. The financial statements Iiave bEen prepared in accordance with the trust deed and thc Financial Reporting Standard 102, a.% is8ued by the fiiiancial Reporting Council (effective l January 2019). the Statement of Reconunendcd Practice ISORP} "Accounting and Reporting by Charities prepaiing their accounts in accordance with the Financial RepoilinB Standard applicable ID the UK and Republic of Ereland (FRS 102)" (as att]end¢d) and the accouiiting policies set out in note I to the accounts. Objectives and Activities Truqt piirposes Undcr thc tcm)s of thc aftemientioncd Twst Disposition and Settlement of William Dawson of Gairdoch and Powfoulis as amended the trllstce5 are directed to apply ItUSt iuconie al the ITUStees discretion for the followiiig pl1ut5 (al such Sum of nioney as they may deem fit for the use of the Royal fIrmary of Edinburgh and the Royal Infiiinary of Glasgow.. Ib) such sum of Inoney as they may deem fit for the use of the 'Blind Asylum of Edinburgh, (now Royal Blind Asylum & 8chool, known as Sight Scotland {SC0171671> dnd t]ie Blind Asylum of Glasgow Ifornierly the Royal Gl(i&gow Workshops for the Blind, and now no longer in existeiice),. (cl in providing buisaries for assisting and encouraging deserviiig young men a])d women at the University of Edinburgh in the prtk%e.r.Iitinn nf thp.I1' ediication. (dl in providing bui.%arics for assisting ai)d encouraging dcsei'ving young men and women at the Univers5ty of Glasgow in the prosecution of their education,. alld (el in augtnenting the income of such public instition& in Edinburgh or Glasgow as tl?e trustees may deem most deserving and as have for their objeLt the relief or eur¢ of bodily discase or the care, maintenance or support of persons afflicted with bodily infirfflity. TheiE is no powcr to apply tTUSt capital for the above purposes. Activities The activities of the tn]st cornprise.. (l) the administration of a tenanted agricultural estate and quoted invcstments and {2) makj'ng grants of the surplus revenue in accoTdance with the priorities speeified in the tnist PUlP03¢5. Grant making policy Grants ai"e awarded in accoidance with the objectives sel out in the tEI]St piirp05es above. The trustees coiisidei. applications for grants annually. Achievements and Perforinanee Charitable donations of £66,000 {2023 £61,000} inade during the year. One bursary paym¢nt of £1,000 (2023.. two payments totalling £3,000) was agreed. Page 2
WILLIAM DAWS0Tr4 TRUST TRUSTEES, ANNUAL REPORT (cont'd} For the yeur 31 D#L¥Jiib¥I' 2024 Achievements and Performance (cont'd) A continuing inainttnance programille is in place to ensure the properties are kept in a 8tatc of good repair. The invcstment purtfuliu ib iiiaiiagcd to pi"oduce the best finan¢ial return within an dc¢cplablc level of risk. whilst at the samc titne, growing the real value of the a&sets over timc. Fsnancial Review As at 31 December 2024 the total reserves of thc trust were £5.575,481 (2023 . £5,582,991). Of this, the IIIIiEstriGted tes¢rves totalled £86,265 {2023 . £132,302), a deGr¢ase of £46,037 ov¢r the year. Overall the unrestricted income from property and investtnents decreased by £5,926 from thc previou5 year to £134,027. The unrestricted propety costs increased by £16,451 to £71,588 (2023 £55,137). It should be noted an insurance claim of £47.448 was receivcd itj the year, which has coveied some of the propErty expenditur¢. The remaining £5,489,216 represents the balanoe of the restricted fund. The stock exchdnge investmcnts at the year end had a market valut uf £1,027,845 (2023 £1,067,812) a decrease in valuc of 3.70/D over the ycar. The investments produced an estimated incom¢ yield of 30/0, which tbe trustees ¢onsid¢r makes sufficient provi8ion for income without prejudicing the ability of the portfolio to bcncfit from capital appr¢ciation. Anvestment pollcy The investment policy is to look for a balanee of incom¢ and eapital growth with a rnedium risk profilc and mediutn prioTity for illLome generation. The trust's risk classification was noted as Risk Citegory 6 - Moderat¢ InYc5tment Risk, and thc suitability of the invcstmcnt Parameters is rcfreshcd by RBC Brewin Dolphin in consultation with the trustees at least annually. The trustees considcr that It Is Imponant that huldiri¥s wiilLiJi Ilir yuiLfvlio alf S¢lISlti to th¢ objectives and mission of the William Dawson Trust. Thc trnstees are committed to conducting Ihc financial atTdirs of the tTUSt in a responsible manncr consistent with the ¢thical obligations of st¢W8rdship and rclcvant legal requiremcnls. 14owever, the trustccs &l%o recognise the importance ot" generating returns for current and futUTe beneficiaries and do not place any specific cihical Itstrictions on thc investments. If there i8 any Specific area that the trustccs wish to exclude in Ihc tllre. the trustecs will brinE this to the attention of the investment managers. Rlsk management The trustees havc assc$sed the risks to whieh the trust is exposed, in particular those related (o the operatlOTL5 and fJn2nces of the trust and are satisfied that systems are in place to mitigate exposure to major risks. The tmstees consider variability of inv¢stment retums as on¢ of the major risks, and therefore tbe trust uscs th¢ services of RBC Brewin Dolphin a5 illVCStment advisers. Principal funding The principal fundins of th¢ t]ust derives from the rental income from its investment property which is applied in accordance with thc priorities specified in the trust pujposes. Page J
WILLL4M DAWSON TRUST TRUSTEES, ANNUAL REPORT (cont'd) For the year ended 31 December 2024 Reserves polley Il is thc policy of thc tiust lo maiJ)tain unr¥stricted funds at a level sufficient to cover adininistration and rLguldr propcrry maintenance. around £1 00.000. The trustees arc gradually over time ensuTing tliat tliere is sufficient illeome producing capital to allow for a suffieient l¢vel of incornc lo cover all admii?istration and gr2nt mftking costs. Plans for Fi uture Periods By continuing to award fi]nding to a corc group and other charities, as well as thc provision of ongoing bursaries to Students attending Ilke UnTrversity of Glasgow and thc UniveIty of Edinbui"gh, the trnsl provides a long term comtnilnient to illeeling its objectives. The trnst has recently ejitercd into agreemejits with 2 secondaiy schools a.% a pilot to idei)tify biirsars with the intention of pi"oviding financial support to al lea.t one student, studying at first degiEe level, each yeai. fiorn both schools. ljowever, because all futur¢ evellts or conditions cannot be predicted, the statement above is not a guarantee as lo the chaiity'5 ability to continue as a going eoncem. The Inistees discuss any such itnpacts on InMe and grdllt giving and Consider how best to eontinuc and maintain the tllre of the cbaiitable trnst. Structui'e, Governance 2nd Management 1 Stablisliment of trust Tlie ttust was estdblislied by Trust Disposition and Settlement of William Dawson of Gairdoch ai)d Powfoulis dated 2 April 1867 and Codicil dated 30 April 1873 and both registered in the Books of Council AnA gession on 17 April 1874. The tnist PUTPOoes wcr¢ anicndcd on 25 OGtobci" 2012 by Miiiulr uf Ib¢ tmstecs with the approval of tl)e Office of the Scottish Charity Regulator (OSCII) permitting payment of the trusts, education bursaries to both m¢n and women. Trustees meetlngs and appointment Tlie tnistces who seivcd durin2 the al. are as shown on page l. New tni*tp.P.q A TP. 9PPOillted by the xisling tiustees, and are briefed on the trust's aims, objcctives, grant inaking policy and purposes. At the bi-annual trllst¢es' tneeting5, the trustee¥ agree the bi.oad strategy and arcas of activity for the trust, includiiig consideration of grant making, invesliii¢iit, i¥berv¢s and risk nnagemEnt policies and performance. Th¢ tNstees have appointed BJDdies LLP to act as secretarics and treasure. Statement of Disclosure ot. Iiiformation to the Auditor To the kniowl¢dg¥ dnd belief of each of the persoJs who are tNstees at the time the report is approvcd.. There 15 no relevant audit inforjnation ofwhich the charitable truses aiiditoi. ]% unaware.. and The trnslee has taken all thc steps that tliey ought to have taken as a trllstee in nr¢leT to make themselvcs aware of any relevant audit infoTrnation, and to &%tablish that the trust's auditor is aware of the infornialion. Auditor5 The ti'iistees will resolve to annually to re-appoint Whilelaw Wells a$ auditor for the ensuing year. Page 4
WILLIAM DAW.8ON TRITST STATLMEP4T OF TRUSTEbS' RESPONSIBILITIES The tngtees are rp.gpnn81Tr)Ip. fnr preDarinE the trustces, annual report and the financial staternents in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Tlic law applicabl¢ to charitics in ScotLalld qUIreS the trustees io prcpurtt fiiiantiiul slalviiL¢iJts ftsi. ¢ach finaKGial ycar which givr a tnle and fair vtew of the state of affairs (Jf the trust and of the income and ex?enditur¢ of the trust for that period. In preparing these financial statetncnts, the trustees are requir to: sekct suitable accounting polici&8 and then apply them consistently. obiervc the methods and principles in the Charities SORP {FRS102)' judysiciilb ¢6tiii]at¢3 thut ar¢ rca8ODablG pmdont,. st&c whether applicable UK accounting stalldaids have been followed, subjeci to any maierial Ll¥)dJtui"¢s disblubrd aiid ¢xplainsd in thc financi1 statemont$,' pr¢pare the fillancial stateineDts on the going concern basis Unl it 18 inappmpriat¢ to presne that the trust will continue in busine&%. The trustees are responsibl¢ for keeping adequate accounting records that are sufficient to shov and explain th¢ trust's transactions and dis¢lose with reasonable accuracy at any time thc fin2ncial positii)n of th¢ trust aThd cnEble them io ¥iisuiY tliat Ility fJtianGial 5tat¢mcnts comply with tbc Cjwrities atLd 'L'ruslco Invegtment (qcotland) Ac.t ?.nns. Regulation 8 of the Charitics A¢counts (Scotland) Regul&tions 2006 (& ainendedl and the provisions of the Irusl's oonstilution. Th¢y kre also responsible for safcguaiding the assets of the trust and h¢n¢e lor takinB I'easonablc steps fcr thc PLLv¢llLiVll diid Uri¥b'LioiJ of fi'aud and othcr iLTcgultsritios. I ru9tee Page5
WILLIAM DAWSOIY TRUST INDEPEI NDENT AUDITORIS REPORT TO THE TRUSTEES r(or the year ended 31 December 2024 Optirtlo We hdve audited the finaiicial sl3ierncnls of The William Dawson Trust I'the ch&riill foi. the year ended 31 Deceinber 2024, which cojnprise the Sialemenl of Financial Aclivilies. the Blll&iice Sljeei and note5 to the finanGial 51aleiii¢i)ts, irJLludiiTrg a Summary Of %ignificaiii aLcouiiling policies. 'I'he tinancial i-eporling fr2mework that has be¢n applied in Ihcir prepai?litsn is applicable law aiid United Kiiigdom Actounliiig Standard%, li)cludin8 FRS102 ' The Finaiicial Reporting Siandard applicable in the UK and Republie tsf Ireland IUnitEd Kingdom G¢ncrally Accepted Accountiiig PraLIiL¥I. In our opiniott, Ihe finaijcial Sldietnetjls.. givc a lie and fair view of the stale of the ch8rity's alfaTTS as 8t 31 December 2024 and of its in¢omin8 resources and application of the resource8 for the year Ihen ended. have been properly prepai'ed in accordance witli United KinEdom Generally AcGepled Accounting Practice- and hRve be¢n prepared in aceordancc with Ilje r¢iu2Temenls of Ilie CIIiiTilie5 and Triisiee Invcslffleiii (Scoilandl Act 2005 and rcgulation 8 of tlic Cliarili¢s Accounls {Scotlandl Regu141sons 2006 las ameiidcd). Basis for opinion We coiiduLled our audil in 8CCOTdance with Inlemalional StsndaTds ort Auditing {UK} IISAS UK) and dppli¢able law. Our responsibilities under Iliuse s14iidards are fui1her described in the Audilot5' re5ponsibililies foi. Ili¢ audit Df the financial 51alements section of our report. We dlr independertl OF the cliariiy in accoi'dance with the ethic81 requirejiieiils Ihal ai¢ relevaiii Io OUT audii of Ihe financial 51at¢ments in Ilir UK, including Ihe FRC'S Eihi¢al Standard, wc have fulfilled our ethic41 Tespojisibililies in accordance with these r¢quiremenls. W¢ bclieve I118t the audil evidence we h8ve obtained is suffici¢iil aiid appropTiale to provide g basis for otsr opinion. Cone1115ions relatlng to going eoneer In lludili118 111¢ filialI11 SILAlKillJ, w¥ huve concled ibai Ilie ITU51ees' usc of the going ¢tsn¢ern basis ofa¢counling Ihe pj'eparalioii of Ihc linancial slal¢menl.% 15 appropriaie. Based on Ilie woi'k we hav¢ pei-foi'ined, we have not idenlificd any malerial uncerlainlies relating to evenls OL- coiidliloiis Ihar, iiidividually or colleclivelyj tnay casl significant doubl i>n the charity's ability lo coniinue a5 a going coiicei'n for 4 period of 81 lea51 twelve month5 from when the financial statements are auihoTised for issue. Our re5ponsibilili£5 and Ilie responsibilities of the ttustecs with re5DecI lo goink concerji are desciibed ii) the. rp.Ip.vAnl s¢clions of thi5 report. tlier lllfnrmshtio Tlje olher informaiion comprises tli¢ inforrnalion in the alal teporl, olher 1118n lh¢ finaiicial $lal¢menls and our &udiloi 5 repoi'l Ih¢reon. The Iruslees are responsible for Ihc oihcr information. Our opinioii oli Ilie finaii¢ial stglemenis does nol cover the oiliei. )nformlllion aiid wc do nol express any foini of iss¥utYllL¥ ronclusion ihereDI). Our responsibiliiy is to read thc olheT iiiformaliott and, iii doiiig so, consider wlieiher Ilie oiher infoi'fflalion is materially ii)con5151eiil with Ilie fiiiancial slalemenls oi. oui. knowledge obtained in Ilie audii tsi oih¢iwi5e appear5 to be Jnatei'ially misslaled. IF we ideotify such mllleriul inconsisleiicies tri appaient Inaieiial Tni¥%thtemenis. we ar¢ Irquired 10 deteiinit)e wheiher there is a tnalerial missialetnent in Ilie fiiiancial slalemenis Dr a tnalej'ial mi551alemcnl of Ihe other infoiYnulinD. If, based on Ilie work we have performed, w¢ conclude thai Ihere is a material tnisslalemenl of this other in10TtIOn, we are required to report Ihal fa¢l. We liave nolhing to report in thi5 regard. Page 6
WILLLiM DAW.snN TR VIST INDEPEI NDENT AUDITORtS REPORT TO THE TRUSTEES (cont'd) 'or the year ended 31 Uecember 20.24 Matters which ive are required to report by exeeption W¢ have nothing to repoil in iespecl ofihe followiiig malter5 in relation lo whiGh th¢ Charities and Tru5tee5 Inveslmenl (Scoilandl Att 2005 and the Charilic5 A¢¢ounts {Scoiland) kegulaiion$ 2006 la5 amendcd) requires us to report lo you if, in our opinion: the inf0Thtl0ll given in the fjnaneial 8latetnent5 L5 in¢onstslent in any matCTial respect with the Tiwst¢¢s' Annual R¢poTI; proper ac¢ountirt¥ i'ecords have Elot bECll kept,. or the financial slaleTnertls are not in agreetncnl with the accounting TecoTds,' or we have not received all th¢ inf0mtIon and explanations we require for our audit. Responsibilities of the trustees As explained more fully in the slalemenl ofinJslep.g' re8pnii%ibilities sel oiil on page 5. the Iruslees are responsible foT the Pffjpdralion of Ilje fjnancial slalemertls which give a tru¢ and fair view, and for such itttemal control a5 the Injslees determine is netessary to enable th¢ preparation of fin&n¢ial statements that are free from material misslstetnent. whether due to fraud or error. In preparin8 the financial statemen15, th¢ ITuslees are responsible for assessing the charitgs abslity to conlirtue as a goiiig conceTD, disclosing. as applicable, matters related to lOg concern and using th¢ going conccm basis of ar¢ountinE unle&8 the ttust¢¢s either intend to liquidaie ihe charity or lo cease opeiations. or have t)0 realistic aliernalive hut tn do Auditor's responsibilities for the audit of the financial statement5 We have been appointed &s auditor under section 44 {Illc) of the ChaTilie$ and Trustee Invesimertt (Scoilandl Act 2005 and report in ttc¢ordance with regulations TD8de under that Act. Our objective5 ai¢ lo obtain reasollable a5SUTaiice about wheihcr the fittancial statemen15 as 9 whole are free from teri)Il miggtateJnet)t. whether diie to frAiiA nT e.I'rnT, tn iq4iJe an Auditor's Report that include5 oul opinion. Reasonable assurance is a high lev¢1 of 8ssurancc but l5 not a gu8rantee that an audit conducted in accoTdatLce with ISAS IUKI will always del¢cl a material mi551aleinent when il exists. Mi5slatctn¢nis can arise from fraud Or error nd Are con8ider¢d niaterisl if. ittdiviAiiAlly nr in IliP Aggrp.gRle. they cnuld reasonably be expected to ittfluence the onomic decisions olusets taken on the basis of these fInantial statement8. Itrtgularilies, including fraud, ale instances of noTL-compliance with laws and regulations. We design PTo¢edures In line with our respollsibilities. oullitted above, to delecl Tnatcrial missiaiement5 Itl resp¢¢i of Srregulariiies, includin¥ fraud. The exlenl to which OUT protedures are capable of detecling irregulaL"ilies, including fraud, are d¢tdiled Itf¢Rularitics that result from fraud are ittherently more dityicult lo detect than irregularities that re5uli from error. From enquires of th0 Gharged with governan¢¢, it was detertnined that the risk ofmalei'ial tnisslat¢rnenl from fraud was low with liltle scope for fraud to occur. Our audit testing 15 designed to detect mal¢Tial missiatements fro fr¥ud where there 15 not a high level collusion. Our audit testing was designed to detect tnat¢i"ial misslalemen15 froTtL other irregularitie5 Iliat Tesult froTtt error where thct¢ 1% not high level Concealent of Ihe em)r. In thi5 regard the following audit work was undcrtaken.. appli¢able law8 and regulations were considered, reviewed and discussed with manaBe.mp.nt' 8eiiinT Thanagerneni meeiing minute5 w¢re rgvi¢wed,' internal contro15 were reviewed and jOUTnals were reviewed. From this audit lesling it wa5 deietTnined Ihal (he risk of mal¢rsal rnisstatemenl iii this teg8td was low. We perforrtled ir)¢ome and expenditure testing whieli wa5 d¢5ign¢d 10 ideniify ally irregularities as a result of mislakes or human error. From this audit testing it was determined that th¢ risk of material tlliS51aiement irt this regard was low. A fuiiher description of our sPOnSibl]it1¢S for Ihc audit of ihe financial staterncnts is located on the Finan¢ial RepoTlillg Council's website at www.frc.OTg.uklauditorsresponsibilities. This description forms part of our Auditoes Rcport. Page 7
WILLIAM DAWSON TRUS'I. ItYD£I YL.ryDLIY"I" AUDII'OR'S REPORT TO THE I'RIJ8TF,F,S (pontld) Fvi. Ili¥ yrdi" ¥iided 31 DeLeInbeJ' 2024 Use of ollr report Thi$ report Ig made 8ol¢ly lo Ihe Iru21's rn¢ThbeJB And trugleos as a body) in PCGQLéan¢e willi S¥11V 44(1 ilr) ofilic ClidLilic% ond Tiu&i¢e ljive¥imLni (Scoilaiidl Aci 200), iegulaiion ID of the Chariiieg Aceounls (Scotlandl IleRulations 2006 la5 ameiidedl. Qur iiidit wnrk hi% bfte.n iinderlAken sn IhAI we rn1ht stqte to the irust'5 membDn4 Irusteeg thos¢ niollo wo rcquir¢d itr $llll¢ lo Ilict)i iii ali £1udilui & i¢pvi-I diid for t)0 uilitr putpu3e. To the fullL¥i ¢At¥nl pEtmiit¢d by law, we do noi accEpI oi. Assume responsibility lo anyojie oilier than Ihe trt and it trustees Es a body, foi. our 2iJdil wnrk, for Ihiy repo. Oi. for the opiniong We liive fornied. Whitelaw Wells Statutory Audilor ChaL"lered Accounlanls 9 Aitislie Place Edinbur0) H3 6AT Dllle.. 23rsl*l 202S Wliitylaw Wclls is ¢liBtbl¥ lu aGI as an audltor In ttrin5 of seciion 1212 ot the Companie5 Acl 2006. Pax¢ 8
WILLIAM DAW.SON TR YIqT STATEMENT OF FINANCIAL ACTIVITIES NCLUDIIYG ILYCUML knXYKLYVI'I'UKL) For the yeAr ended 31 December 2024 Endowment Unrestricted Vund Fund 2024 I'otal 2023 Total Note Income and endowments from: Investmenls Dividends and interest 31,761 102.266 31,761 102,266 30,192 109.761 - Propety tents Total 134,027 134,027 139,953 Expendlture on: Raibing fund.q Charitable activities 7,840 21.040 71.-SR8 108.476 79,428 129.516 62.521 116,004 Total 28.880 180.064 2Qll,944 178,525 Net gAiDS Oli It*vÈ$tmonts 67.407 67.407 54.803 Net ineome l (expenditure) 38.527 146.037) (7.510) 16,231 Re£ollci]iatRon of fuDds Total fund balances brought fonvard 16.17 5.450,689 132,302 5,582,991 5,566,760 Tot41 fund baloJ¢es carried forward 16.17 5,489,216 86,265 5,575,481 5,582,99l All aciivities of thc trusl relatc tu LvllliIiuiiLg activities. The notes on pages i i to 19 forni part of these financial statemcnts. Page 9
WILLIAM DAWSON'I'RUST BALANCE SHEET As 31 Deecmbcr 2024 2024 2023 Note FIXED ASSETS Inveslment property IDVCStmtnts 4.517.728 1,027,845 4,$17,728 1,007.812 12 I'olal tixed &sets 5,545,573 5,585,540 CURRENT ASSETS Ca611 at bsiuk Debtors 19,131 37,296 L,4113 21,007 13 Total cur11( as¥ets 56.427 102.490 CURRCNT LIABILITJES C.ILdilnr%'. arnniini.g falling diie within on¢ y¢ar 14 26,519 I OS,039 IYET CURllkNT AS.8W.T.S 29,908 TOTAL ASSllTS 5.)'15.4Y I 5.582.591 THE FUNI)sor TIIE TRUST- bndowment tiind u¢S111lld fulld 5,4R9,216 Ilb,205 5.450,689 IJ2,302 TOTAL TRT FUNDS S,575,4g I 5,582.Y)I Approved and aulhoiised foi. issue on heh2lf nf the tniitee2 on 23Y4¢SW¢+Kbtr 2025 The noteq on page8 1 I to 19 forn] pt of tbesr finauci&l slat¢iiienl5. Pdge 10
wILLm DAWSON TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 Ac¢ountlng Policies Geiierql Iiiforiiiotioii The financial %lalemenls of the trust aT¢ dTawn up for the year ended 31 Deccmbcr 2024. The continuing act2vilies of the Tlie WilliaTn Dawson Trust {'Ihe trusi'l is the adminislrA¢iots of a lenanied agricultural es18te quoied inveslmeiils. The siirpliis revenue is applied in accordance with ihe priorities spe¢ifi¢d in Ihe Irusl purpose5. The Irusl opcrales undtr the I'ru5t Di5po$iiion and Seiilcmenl 8$ set out on page 4 of these accounts. Tht trust's SLVItiji cliaiity iiuii)bei is SC010662 attd the principal addrcss is Brodlcs LLP, Capital Square. 58 Motrison Street, Edinburgh, EH3 8BP. Bosi3 ofAccouiiiliig The fiiiancial stateffleDts have been prepad tn atcordance with the Financial Reporting Standard 102, as issued by the Financial R¢porttng Council l¢ffe¢tive l January 2019), the Sialemeiil of RecotnTn¥nd¥d PT4LLtiLe ISORPI 'Accounting and R¢porling by Charities prepllrillg their accounts in aceordance with th¢ Financial Reporting Standard applicable iii the UK and Republic of Ir¢l8nd {FRS 1021" {2s amended), the Charities and Trustee Invesiment (Scoilandl Aci 2005 alld the Charitieb ALLUun1 IS¥ollaJid) Regulation5 2006 (as amended). Thcy arc pr¢pared on the hi5tori¢al cost basis, except for inveslmenls which have b¢ert included at fair value. The trust meets thc dcfinition of a public benefit ¢ntity urtder FRS 102. Assets and liabilities are initially Tetogniscd at histori¢41 cost or transaction vglue unless otherwise staled in the relevant 8ccountlllg policy. ThGSG firtatt¢ial 3thtGmcnts ur¢ prosonted in poundÈ Èterlirtg (GPP} 98 th#t SÉ the currency in whith the trusl'5 transactions are denominated. The preparation of financial slatetn¢nlS requires the use of certain critLC81 accoullting ¢slimate5. It also requlres mL51ee5 to ¥X¢TLiS¥ ili¥ii JU¥¢lIj¥1IL III Ilir yJui¢SS of applyiiig thc aGGOuniing poliriG¥. Use of available information and appliGaliort of judgement are inherent in the fomiation of estimates. AG¢ual ouicomes in the future could differ from 5u¢h estimate5. The area5 iE]volving a highcr degree of judgement or cotnpl¢xity, or areas wheie assumptions at estimate5 aT¢ signifjcanl lo the financial statements arc dis¢los¢d in note 2. Goiiig C'oiiegrii Th¢ ttusiees are of the opittion that Ihe trust can ¢ontinue to mcet it5 oblig&iions as they fall due for Ihc foreseeable futur¢. As a con5equ¢n¢e ihe trustees have prepared the financial statements under the going concem b8SiS. Th¢ F¢seTves are suffLci¢nt to cover the tru5t'5 6xpendilure for the forthromirtg year and beyond. Casli Floiv Thc financial staiements do not include a cash flow 5tatemeni because the 11715t as a small reporting ezjlily, is exempt from Ihe requirements to prepare such a slal¢tneDt under the Fillancial Reporting Standard 102, 'The Firtancial Reporting Slandard applicable irt the United KiDg(lom and the R¢publi¢ of Ireland, IFRS 1021 and the Charitie5 SORP (FRS 1021 (as aTn¢nded). RecogiiElion oiidAllocatioit ofJn¢oiiiÉ Income is Tecogrtised wheE] the ttust has legal enliilemerti to the fid5. thE receipt is probable and the amount call be mEaStJred reliably. Jiives¢iiIeiil Reiilal Iii¢oiAÉ Dividend income is recognised when the Tight lo re¢eipt LS e51abli5hed 8TKi is rneasured ai faiT V21u¢, g¢n¢rally the Iran5aclion vzlue. Rertlal income 1% inGluded in the year lo wbich it relates. Pagejl
WILLIAM DAwsofi I"RU5T NOTEI S TO THE FINANCIAL STATEMENTS Icont'd) For the year ended 31 December 2024 Recogpiiliop? ftiirfAlloeaÈioii of FpEId11I{I'£ Expertdilure is recognised wlieii the Ii'usi lias ¢nlered into 8 legal or conslrn¢tive obligaliott related where practicable lo the opeTaling activities of Ihc trust. Where possible, expendilur¢ is allribuled dirtcily lo the fuii¥lion lo whicli il r¢lai¢s. Raising fijnds cotnpriscs Ihose c051s which are 2s$0ciated with the g¢ncralion of in¢otne from soui-ces other than from undertaking charitable activities, and includes investtn¢nt tnaiia¥enient fe¢5 and properly mainlenance Los15. ChArilable cxpenditur¢ coinprises thos¢ c051s incurred by the trust associated with providing donalioiis and bursaTies. This includes the diiEtI costs and SUPPOTI c0515 relaliiig lu Ihis aclLvIIy. They are chai"¥ed lo the Sialemenl of Financtal Aciivilie5 when the application is 2pproYtd and valid expectation is creat¢d with Ilie recipient Ihal they will be paid. rJnvp.nidnce costs include those ¢08ls associated with Theeliiig Ilie consliiutional and stattsioiy requireinen15 of the Irusi aiid include costs linked lo Ihc slraiegic managenienl of lh¢ Irusl. Support cosis consist ofthe legal and trusl fee5 ll5socialed with Ihe ynaiiagemeiil of the trust aiid are alloEaled to octivilics on the ba$15 ofiime spent by the Irusl S¥Lr¥l0ri¢5 on cach fund. Fiiiirfs UiiresiTlCted fvnds are income sources which ure receivablc for the objects of the tru51 willioui further 5p¢cified purpose5 and are availabl¢ a5 general funds. Endowjnenl fund5 are the eslate and capilal detailed under Ilie Irusl disp05ilioll and seiiletnenl. the ruiids #i'¢ a pci'niaiienl ¢ndowmeiit lo g¢ii¢rai¢ iliLUln¥ lor Ilic twst. liiiie.*lpiieiii Properliés Inv98tmtrnt properiieg nr¢ atatGd at fair yalu¢ ttt thG fCPQItIL)8 dair. Full vulurb Tnarkei value determined by z suilably qualified petstsn. Market vAIu¢5 &re Ilic cslitnated amounl for whicli a property could be exchanged on the dalc of valualioii bclween a willing buyer and J willinL7 seller in llrm'8 19tt8th IranOlon 4ftci- PTopcr trkCtill. Caiiis or lo53¢5 ale trdkr£J tu ilir SLttl¥iiiv]ii vf Finaiicial ALlivilies for Ilje period in which they arise. Qiioledliivesliiieiils Quoted invesiments are inellldEd in Ilie fiiianci21 slal¢tnen18 at fair valuE at Ilje reporting date. Gains and 105ses are applied lo tlie restritled Fund aiid recognis¢d in tlie period in which they 8ris¢. Cfisli cfi.fli foiiispttlépil.T Casli and cash equivaleiils consist of easli on hand and balances with banks and are rn¢asured at amortis¢d cost. Ciedilors Creditor5 are obli¥dlivns lo pay foi. goods or sci'vices that have bccn 8CqUiTed. They are retogni5ed ai the undiscounied arnounl owed lo the suppliei.. which is normally the invoic¢ price. Deblors Debioi% arc fujjds duL Iv be trceived for 8ood5 or services gh81 have bc¢n provided by the charity. riiloiicivlAels aiid fiiioiiciftlLiohillliÉ inancial illslrumenls are recogiiised iii the slalcmcn15 of fit)attGial aclivilies wh¢n Ili¢ liu1 beLvrn¢5 i party to the conliBctu&l provisions of Ihc inslrumenl. Finaiicial inslrutnen15 ale ijiilially [neasud al tran58cITon price. Subsequenl to initial reco&iilion, they are accounted for 1$ 5¢1 out below. FiJi&nLiuI insirumeiiis are cla55ified as eiilier 'b3%ic' or'ollierf in accordance with Chapter I l of FRS 102. The Irusl ojily enters into basic financial iiislrumcnl%. Al ilje eiid of eacli reporting period, basic financial illsliumen15 are Ineasured ai atnorlised cosi USIIIE Ihe effeclive inlerest Tate method. with th¢ exception of th¢ invcslmettl portfolio whicli is measui-ed al fair value by irfei'ence 10 ittai-kel values. Pge 12
WILLL4M DAWSON TRUST NOTES TO THE FINANCIAL STATEMENTS (¢onttd) ior the year ended 31 Dccember 2V24 Finsncial as5et5 are derecogni5ed when tlie conlraclual righls lo the cash flows from the a8sels expire. Dr when Ilie trust has IransfeiTed Substantially all the risks and rewards of ownership. riinancial liabilities are derecognised only once the liability has been cxlin8uishcd IhTough distharge, cancellation or expiry. VAT The Irusl is not registered for VAT and ac¢ordingly expenditure includes VAT wh¢r¢ appropriat¢. Taxolio The Irusl 15 a charity and is rerognised a5 such by H M Revenue and Customs for taxation purpos¢5. As a result th¢r¢ is no liability lo taxation on any of st5 intome. CrlticAI Judgem¢nts and Estimates In PTepdring Ilie fiiianci&l stalcmen15 trustees make estimates &rtd 8ssumptlOll5 which affect reported Tesuli¥, fiiiiiIJcial position and disclosure of cvntinB¢ncies. Use of available information applicalion of judgement 3re inher¢nl lll the forn110 of the eslimatcs. ttsgelher with past ¢Kperience and ¢xpecialions of futUTe events that are believed lo be reasonable under Ihe ¢iuT&1TlLts. Actual iesults in the future could diifcr from such e51imales. The eslim&t¢5 and 8s8umpt50llS With a sigllifiGani risk of causing a malei'ial adju51ment lo the ¢aTryitt8 amoullls of assets and liabiliti¢s within the iiext financial year are.. At th6 ycar end there ar¢ no areas where criti¢Èljud8emen15 Qr material tStimal¢s have been made. Comparative State¢llt of Financial Activities for the year ended 31 December 2023 Endown)ent urtriC*d Fund Fund 2023 Tot91 Income from.. Inveslmenls Dividends and interest - Property rents 30,192 109,761 30,592 109,761 Total 139.953 139,953 Expenditure on: Raising fund5 Ch)rilable activitlEY 7,384 17,580 55,137 98,424 62,521 116,004 Total 24.964 153,561 178,525 Net gain inveytment5 54,803 54,803 Net incoTn¢ 29,839 (13,608) 16,231 P%hge 13
WILLIAM DAWSON "fRUST NOI'ES TO THL FINANCIAL STA TEMEI NTS (cont'd} For tlie year ended 31 J)ecembei' 2024 R&i5Lng Fund$ 2024 2024 2024 Endvivment Unre5tJ'icted Vknthd Ftsnd Tot41 Iiivesitnenl management fee5 Property cosls {Nole 61 7,840 7,840 71,588 71,588 7,840 71,588 79.428 2023 2023 2023 Endowm¢nt Uni'esti'lcted Fund Fund Total Jnvc51tneiil JiiaiiuLrLinenl fees Properly costs (Note 61 7,384 7,384 55,137 55,137 7,384 55,137 02,521 Charitable Actlvilies 2024 2024 2024 Endoivment Unrestricted Fuiid Toial Grant making activity: Doiiuliviii ULid bur¥arie¥ (Note 8) 67,000 38.776 2,700 67,000 57.116 5,400 Support costs (Note 9} Governance Gosls (Note 101 18,340 2,700 21.040 108,476 129,516 2023 2023 Endowml'nt Uni'tsti'icted riund 2023 Total Gi'ant king Aetiyity.. Donatioiis aiid butsaii¥s {Notc 81 Supporl costs {Nole 91 Govemance costs (Nole 10) 64,000 31,874 2,550 64.000 46,904 5,100 15,030 2,550 17,580 98,424 116,004 Further analysts of ¢haritable aciivili¢s is not provided as Ihe (ru51¢es believe the charity h45 only one main aciivity. Page 14
WII,LJAM DAWSON TRUST NOTES TO THE FINANCIAL STATEMENTS (¢ont'd) For the year ended 31 December 2024 Propci'ty Cost$ 2024 2023 Jnsuran¢e (including public liability) Rale5 (inGludins council lax and water charge51 PropeTty upkeep and repairs (net of in5uranc¢ claim) Heat & light cte expense in vacant proper11¢5 Miscell&rteous expenscs AdTllillL51ration expenses 9,339 4,288 36,502 857 658 19,944 8,663 1,657 22,962 995 708 20,152 71.588 55,137 Remuneration of CTnployets and trustees The trust had no CTnployees during the year {2023.. 01 2024 2023 Dtsrt2tlOllS AtLd Bursxrie5 to In5titution5 NH8 Cjrealcr CJla8gow & Clyde NI4S Lolhian Charity F4rskine Hospital Marie Curie MaEgiè Kgswi¢k Jcncks Cgncer CArirtg Cetttres Tn¢ Friends of Woodlands School Sight Scotland- (Royal Blind) Sight Scotland V¥ittTan Glasgow Association for Mental Healih Ltd St Columba'5 1.105pi¢e C8re Fresh Start IS¢oilondl Edinburgh Young Care Glasgow Children's Hospital Charity St¢ppiiig Stones North Edinburgli Dean & Cauvin Young People's Trust 3,000 3,000 3,000 3,000 snnn 5,000 3,000 3,000 3,000 6.000 6,uuu 6,000 6,000 6,000 5,000 3.0110 3,000 3,000 3,000 ,nnn 5.000 3,000 3,000 3,000 6,000 b.UUV 6,000 6,000 6,000 60.()UU 61,IK>O Bursai'ies to lttdividuals There wss one bursary 2024 (2023.. two) 1,000 3,000 67,000 64,000 Page 15
WILLIAM DAWSON TRUST NOTES TO THE F1Tr4ANCIAL STATEMENTS {cont'd} Foi. the year ended 31 Deeetnbcr 2024 9. Suppoi't Costs 2024 2024 Unr¢5ti'leted 2024 Fund Total Manageineni and adMini51ralioii Trustees expen5& IrK8urance- mai)agcmenl 18,340 36.681 317 1,778 55.021 317 1,778 18,340 38,776 57,116 2023 2023 2021 Endolviiieiil Fund Unristricted Fund Total Managcmeni and adtnini51ration Tru5tces expeii%e5 Insurance- Jnaiiagemelll 15,030 30,067 197 1,610 45,097 197 1,610 15.030 31,874 46,904 Ill. Governance Lost5 2024 2023 Audilor's remuneralion.. Audit fces 5,400 5,100 5,400 5,100 Page 16
WILLIAM DAWSON TRUST NOTES TO TKE FINANCIAL STATEMENTS (cont'd) fior the year ended 31 December 2024 I l. Wixed Asse*$ 2024 2023 Investment Properties- opening value 4.5 17,728 4,517,728 Invcstment Properties- c105ing Yalue 4,517,728 4.517,728 Lgnd and Buildiiw are from the original cndowrnent by Wtn Daw%on and have been valued at £4,656,795 (including £140,000 for Cobblcbrac) at 30 Junc 2015 by B¢ll Ingrnm, Chariered Surveyors, Manor Street. ForfaT. Angus DD8 IEX, on an open-m8rket basis adjusted for 5eKure 2gricullural tenancies. In Ihe opinion of Ilie Iruslees the valiie was not tnateii&lly dilyerent at 3 1 December 2024 ft¢r deductitjg the markcl value of Cobblebrae £140.000 following ils sale. 12. Stock Exchaiige Investments 2024 2023 Opening market valuE al l Jhnuary Add.. acquisitions at C05t L655.' disposals at opening market value (proceeds £280,223,. gain £19,011) 1,067,812 1,020.675 172,850 312.977 1261,212) (325,1301 48.395 59.290 Not goin OD royoluutiort at 31 Docember C105ing maikel value al 31 December 1,027,845 1,067,812 Historie81 costs as at 31 Decctnb¢r 863,515 923,817 All investemenls are held at fair value and listed on a recongnised stock excliange. 13. Debtors 2024 2023 RBC Brewin Dolphin- cash held Dividends due Bell Ingram- rents held Other debtors Rent ariears 10,772 ,397 20,293 11.200 899 4.232 4,834 4.673 37,296 21,007 Page 17
WILLIAM DAWSON TRUST NOTES TO THE FINANCIAL STATEMF.NTS (coiit'd) rior the year ended 31 DecembeJ- 2024 14. Creditors- Amoutlts Falling Du¢ WithiR One Year 2024 2023 A¢crual8 Creditors Brodies LLP Defetred income 12.102 64,000 25,327 3,610 202 8.550 4,856 26,519 105,039 Deferred inCOTtLe compi'i5cs rental ittCOTn¢ Teceived iE] advance which 15 allribulable lo fuiure periods.. 2024 2023 At l Jatjttary 2024 2024 rental iiicome released 10 inGoTne earned 2024 renlal income defetred 3,610 13,6101 4,856 4.918 14.9181 3,610 4.856 3,610 15. Fln#Ncial A55et5 And LiAbilitit$ 2024 2023 Financial assets al amorli5ed cost Financial a55e15 al fair value Fitlancial liabilities 8t 8IntsTiised cost 56.427 102,490 1,027,845 1,067,812 (21.663) (101.4291 FinAlltr.iAI A<gp.t% Nl A TnnrtispA eogl totnprise of debtQTg. acend ineome cgsh al bank. FiJ)ancial assets al fair value compii5e of quoted inve8lmenls whieh are tneasured al market value al Ihe y¢gr end. r¢tti4n¢ial liabililios GQlnPflSC of¢i¢diloiS aiid ui¥iual). 16. Movement or riunds B81&nte @ 01101124 Income ExpenditULf Gainsl Balance @ 31112124 Unieslricled Fund 132.302 134,027 (180.064) 86.265 Endowmenl Fund 5.450.689 {28,880) 67,407 5,489,216 Balance @ 01101123 Incoine Expendiiure fjainsl Ilossesl Balanee @ 31112123 Unreslricled Fund 1415,gio 139,953 132,302 EndowmeDI Fund 5,420,850 124,9641 54,803 5,450,689 Page 18
WILLIAM DAWSON TRUST OTES TO THE FINANCIAL STATEMENTS (eont'd} rior the year ended 31 December 2024 17. Analysls of Net A$sets Betive¢rt Fund5 2024 2023 E.ndowm¢nt Unrcstrieted Endowjnenl Uiii"e51ricled Fund Fund Fund Fund Fixed Assets & Inve5tment5 Nei cu¢ll1 {LiabilitiesyAssels 5,545,573 (56.3571 5,5115.54U (134,8511 86,265 132,302 5,489.216 86,205 5,450,689 132,302 18. Related PArlies Durin8 th¢ year one {202J.' on¢) Iiublc¢ rcccived Iiavel expeiises £18512023 £341. One {2023.' oiiel Iruslee received 8ubsistance expeiises during th¢ year £96 (2023 £163) as a rcsull of their iDl¢ as trus*¢. No Irusiee$12V23.' tton¢} received r¢muneralion . 19. Guai'antee5 CommitnieRts There were no comtnitment4 st halBnce.%heet date. Page 19