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MISS D M DAWSON TRUST Incorporating the funds of the trust estates for MISS D M DAWSON AND LADY DAWSON BRODIE
ANNUAL REPORT AND FINANCIAL STATEMENTS
For the year ended 14 May 2025
Reference and administration information
Scottish Charity No:SC011851
Contents: Page Annual Report of the Trustees 2 to3 Independent Examiner's Report 4 Statement of Receipts and Payments 5 Statement of Balances 6 Fund Accounts 7 to 10 Notes to the Financial Statements 11 to 14
Trustees: H D K Dalrymple Esq WS AB Johnston Esq Reverend Robert ST Allan Professor Helen K Bond Brodies & Co. (Trustees) Limited
Registered Office, Secretaries and Treasurers: Brodies LLP Capital Square 58 Morrison Street Edinburgh EH3 8BP
Independent Examiner: Paul Hutchison ACA Azets Audit Services Chartered Accountants Quay 2 139 Fountainbridge Edinburgh EH3 9QG
Bankers: The Royal Bank of Scotland 36 St Andrew Square Edinburgh EH2 2YB
Stockbrokers: RBC Brewin Dolphin Sixth Floor, Atria One 144 Morrison Street Edinburgh EH3 8EX
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MISS D M DAWSON TRUST Incorporating the funds of the trust estates for MISS D M DAWSON AND LADY DAWSON BRODIE
ANNUAL REPORT OF THE TRUSTEES
For the year ended 14 May 2025
This report is prepared in accordance with the Charities Accounts (Scotland) Regulations 2006 (as amended).
Structure, Governance and Management
Establishment of trust
The trust was established by (i) trust disposition and settlement by Miss Dinah Margaret Dawson of Gairdoch and Powfoulis dated 28/5/1903 and relative codicils and testamentary writings dated 18/11/1909, 23/1/1910, 26/1/1910, 1/2/1910, 13/5/1910, 14/5/1910, (ii) deed of declaration of trust purposes by the said Miss Dinah Margaret Dawson dated 18/11/1909 and relative codicil and testamentary writing dated 1/2/1910, all registered in the books of council and session 27/10/1910 and as amended by (iii) a reorganisation scheme approved by OSCR on 4 November 2020 and latterly Supplemental Deed of Trust dated 21 May 2021 and Second Supplemental Deed of Trust dated 21 May 2021. The trustees have appointed Brodies LLP to act as Secretaries and Treasurer.
Trustee meeting and appointment
The trustees who served during the year are as shown on the contents page. New trustees are appointed by the existing trustees, and are briefed on the trust aims, objectives, grant making policy and purposes. There must always be a quorum of three trustees present at meetings and a minimum of five on the board.
Risk management
The trustees have assessed the risks to which the trust is exposed, in particular those related to the operations and finances of the trust and are satisfied that systems are in place to mitigate exposure to major risks. The trustees consider variability of investment returns as one of the major risks, and therefore the trust uses the services of RBC Brewin Dolphin as investment advisers.
Objects and Activities
Trust purposes
The trustees are to pay and distribute the free income of the fund known as Miss D M Dawson's Residuary Estate to charities or charitable institutions and associations in or in the vicinity of Edinburgh, Glasgow and Falkirk and of the fund known as Lady Dawson Brodie's Residuary Estate to charities or charitable institutions and associations in or in the vicinity of Edinburgh and Falkirk as the trustees may select.
Grant making policy
The trustees meet annually to agree donations to be made during the following year in accordance with the trust purposes.
Achievements and Performance
Twenty-one (2024: Fourteen) charities received donations during the year which amounted to £45,800 (2024: £33,375), fulfilling the obligations under the trust deed.
Financial Review
The accounts for the year are in a receipts and payments format.
The market value of the listed investments at the year end was £1,173,298.63 (2024: £1,210,221.00) which represented a decrease of 3.05% over the year. The investments produced an overall estimated income yield of 2.3%, which the trustees consider makes sufficient provision for income.
The Mission Hall was valued by DM Hall on 13 April 2022 with a market value of £275,000. The previous valuation of £160,000 was in 2004.
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MISS D M DAWSON TRUST Incorporating the funds of the trust estates for MISS D M DAWSON AND LADY DAWSON BRODIE
ANNUAL REPORT OF THE TRUSTEES
For the year ended 14 May 2025
Reserves policy
It is the policy of the trust to maintain funds at a level sufficient to cover management, administration and donations. During the year ended 14 May 2025 there was an over spend of £4,145.84 (2024: £12,013.85 surplus). The total value of the funds as at the year end was £1,467,752.80 (2024: £1,506,651.01).
Investment policy
The trust uses the services of RBC Brewin Dolphin as investment managers. The policy is to adopt a medium risk investment strategy based on maximising income while maintaining capital growth - this is classed as Risk Level 7 by RBC Brewin Dolphin.
Future Plans
By continuing to award funding to a core group of charities and small local projects, the trust provides a long term commitment to meeting its objectives.
However, because not all future events or conditions cannot be predicted, the statement above is not a guarantee as to the charity's ability to continue. The trustees discuss the impact of future of events and conditions on income and grant giving and consider how best to continue and maintain the future of the charitable trust.
Authorised for issue by the board of trustees and signed on their behalf on
Brodies & Co. (Trustees) Limited Trustee
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MISS D M DAWSON TRUST Incorporating the funds of the trust estates for MISS D M DAWSON AND LADY DAWSON BRODIE
STATEMENT OF RECEIPTS AND PAYMENTS
For the year ended 14 May 2025
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Revenue|2025|2024|
|Note|Capital|Fund|Fund|Total|Total|
|£|£|£|£|
|Receipts|
|Investment|income|-|27,403.22|27,403.22|29,524.28|
|Investment|sale|proceeds|(net)|10|46,883.24|-|46,883.24|41,518.94|
|Total|receipts|46,883.24|27,403.22|74,286.46|71,043.22|
|Payments|
|Investment|management|costs|13|8,614.30|-|8,614.30|8,114.37|
|Donations|12|-|45,800.00|45,800.00|33,375.00|
|Administration|costs|14|12,009.00|12,009.00|24,018.00|17,540.00|
|Total|payments|20,623.30|57,809.00|78,432.30|59,029.37|
|Net|receipts/|(payments)|26,259.94|(|30,405.78)|(|4,145.84)|12,013.85|
|Transfers|(from)/|to|funds|(|26,259.94)|26,259.94|-|-|
|(Deficit)/|surplus|for|year|-|(|4,145.84)|(|4,145.84)|12,013.85|
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MISS D M DAWSON TRUST Incorporating the funds of the trust estates for MISS D M DAWSON AND LADY DAWSON BRODIE
STATEMENT OF BALANCES
As at 14 May 2025
| Revenue | Revenue | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|---|
| Capital Fund | Fund | Total | Total | ||||
| Note | £ | £ | £ | E | |||
| Cash Funds | |||||||
| Opening cash at bank and in hand | 27,905.62 | 34.39 | 27,940.01 | 15,926.16 | |||
| Add: | |||||||
| Receipt and Payments (deficit) / surplus | - | ( | 4,145.84) | ( | 4,145.84) | 12,013.85 | |
| Closing cash at bank and in hand | 27,905.62 | (_ | 4,111.45) | 23,794.17 | 27,940.01 | ||
| Bank and cash balances | |||||||
| RBC Brewin Dolphin - cash | 19,622.25 | 479.71 | 20,101.96 | 21,305.14 | |||
| Royal Bank of Scotland | |||||||
| Solicitors Special Deposit Account | 8,283.37 | ( | 4,591.16) | 3,692.21 | 6,634.87 | ||
| 27,905.62 | (4,111.45) | 23,794.17 | 27,940.01 | ||||
| Liabilities | |||||||
| Creditors | 15 | 2,170.00 | 2,170.00 | 4,340.00 | 6,510.00 | ||
| Investments | |||||||
| Listed investments | 10 | 1,173,298.63 | - | 1,173,298.63 | 1,210,221.00 | ||
| Dawson Mission Hall | x | 275,000.00 | - | 275,000.00 | |||
| 1,448,298.63 | - | 1,448,298.63 | 1,485,221.00 | ||||
| TotalReserves | 1,474,034.25 | ( | 6,281.45) | 1,467,752.80 | 1,506,651.01 |
Approved by the board of trustees and signed on their behalf eit= ae= VASeteZAO a5i, a
ss aes veTPIA = <n, we, Vex. _Brodies & Co. (Trustees) Limited Trustee
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MISS D M DAWSON TRUST Incorporating the funds of the trust estates for MISS D M DAWSON AND LADY DAWSON BRODIE
STATEMENT OF RECEIPTS AND PAYMENTS For the year ended 14 May 2025
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||||||||||
|---|---|---|---|---|---|---|---|---|
|MISS|D|M|DAWSON|FUND|
|Revenue|2025|2024|
|Capital|Fund|Fund|Total|Total|
|Note|£|£|£|£|
|Receipts|
|Investment|income|-|5,926.92|5,926.92|6,320.68|
|Investment|sale|proceeds|(net)|13,599.13|-|13,599.13|3,490.90|
|Total|Receipts|13,599.13|5,926.92|19,526.05|9,811.58|
|Payments|
|Investment|management|costs|2,100.16|-|2,100.16|1,999.81|
|Donations|12|-|12,750.00|12,750.00|9,750.00|
|Administration|costs|5,043.78|5,043.78|10,087.56|8,718.20|
|Total|Payments|7,143.94|17,793.78|24,937.72|20,468.01|
|Net|(payments)|6,455.19|(|11,866.86)|(|5,411.67)|(|10,656.43)|
|Transfers|(from)/|to|funds|(|6,455.19)|6,455.19|-|-|
|(Deficit)/surplus|for|year|0.00|(|5,411.67)|(5,411.67)|(10,656.43)|
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MISS D M DAWSON TRUST Incorporating the funds of the trust estates for MISS D M DAWSON AND LADY DAWSON BRODIE
STATEMENT OF BALANCES
As at 14 May 2025
MISS D M DAWSON FUND
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|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Revenue|2025|2024|
|Capital|Fund|Fund|Total|Total|
|£|£|£|£|
|Cash|Funds|
|Opening|cash|at|bank|and|in|hand|1,605.96|-|1,605.96|12,262.39|
|Add:|
|Receipt|and|Payments|(deficit)/surplus|0.00|(|5,411.67)|(|5,411.67)|(|10,656.43)|
|Closing|cash|at|bank|and|in|hand|1,605.96|(|5,411.67)|(3,805.71)|1,605.96|
|Bank|and|cash|balances|
|RBC|Brewin|Dolphin|-|cash|5,148.89|-|5,148.89|3,291.45|
|Royal|Bank|of|Scotland|
|Solicitors|Special|Deposit|Account|(|3,542.93)|(|5,411.67)|(|8,954.60)|(|1,685.49)|
|1,605.96|(|5,411.67)|(3,805.71)|1,605.96|
|Liabilities|
|Creditors|911.40|911.40|1,822.80|2,734.20|
|Investments|
|Investments|at|market|value|277,178.80|-|277,778.80|293,165.00|
|Dawson|Mission|Hall|275,000.00|-|275,000.00|275,000.00|
|552,778.80|-|552,778.80|568,165.00|
|Total|Reserves|553,473.36|(||6,323.07)|547,150.29|567,036.76|
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|---|---|---|---|---|---|---|---|---|
|STATEMENT|OF|RECEIPTS|AND|PAYMENTS|
|For the|year ended|14|May|2025|
|LADY|DAWSON|BRODIE|FUND|
|Revenue|2025|2024|
|Capital|Fund|Fund|Total|Total|
|Note|£|£|£|£|
|Receipts|
|Investment|income|-|21,476.30|21,476.30|23,203.60|
|Investments|realised|(net)|33,284.11|-|33,284.11|38,028.04|
|Total|Receipts|33,284.11|21,476.30|54,760.41|61,231.64|
|Payments|
|Investment|management|costs|6,514.14|-|6,514.14|6,114.56|
|Donations|12|-|33,050.00|33,050.00|23,625.00|
|Administration|costs|6,965.22|6,965.22|13,930.44|8,821.80|
|Total|Payments|13,479.36|40,015.22|53,494.58|38,561.36|
|Net|receipts/|(payments)|19,804.75|(|18,538.92)|1,265.83|22,670.28|
|Transfers|(from)/|to|funds|(|19,804.75)|19,804.75|-|-|
|Surplus/(deficit)|for year|4265.83|1,265.83|22,670.28|
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MISS D M DAWSON TRUST Incorporating the funds of the trust estates for MISS D M DAWSON AND LADY DAWSON BRODIE
STATEMENT OF BALANCES
As at 14 May 2025
LADY DAWSON BRODIE FUND
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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|2025|2024|
|Capital|Fund|Revenue|Fund|Total|Total|
|£|£|£|£|
|Cash|Funds|
|Opening|cash|at|bank|and|in|hand|26,299.66|34.39|26,334.05|3,663.77|
|Add:|
|Receipt|and|Payments|surplus/(deficit)|-|1,265.83|1,265.83|22,670.28|
|Closing|cash|at|bank|and|in|hand|26,299.66|1,300.22|27,599.88|26,334.05|
|Bank|and|cash|balances|
|RBC|Brewin|Dolphin|-|cash|14,473.36|479.71|14,953.07|18,013.69|
|Royal|Bank|of|Scotland|
|Solicitors|Special|Deposit Account|11,826.30|820.51|12,646.81|8,320.36|
|26,299.66|1,300.22|27,599.88|26,334.05|
|Liabilities|
|Creditors|1,258.60|1,258.60|2,517.20|3,775.80|
|Investments|
|Investments|at|market|value|895,519.83|-|895,519.83|917,056.00|
|Total|Reserves|920,560.89|41.62|920,602.51|939,614.25|
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MISS D M DAWSON TRUST Incorporating the funds of the trust estates for MISS D M DAWSON AND LADY DAWSON BRODIE
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 14 May 2025
-
1 Basis of Accounting These accounts have been prepared on the Receipts and Payments basis in accordance with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulation 2006 (as amended).
-
2 Nature and Purpose of Funds
The trust comprises of two funds, Miss D M Dawson and Lady Dawson Brodie. Each of these funds has two funds, "Capital Fund" and "Revenue Fund”. The "Capital Fund" holds the invested funds which generate the income (revenue). "Revenue Fund" is the income received from capital investments.
Historically the Permanent Endowment Fund comprised of the Capital General Funds and the Capital Dividend Funds. The Capital General Funds were derived respectively from Miss D M Dawson’s residuary estate and Lady Dawson Brodie’s residuary estate. The capital of each residuary estate was to be preserved intact in perpetuity until the trustees got power to spend capital by virtue of 2nd Supplemental Deed of Trust. As a result the Permanent Endowment Fund is renamed the Capital Fund.
The Capital Dividend Funds were originally established in the 1960s from capital dividends received from the ownership of shares in the Carron Company. The Capital Dividend Funds were kept separate and distinct from the Capital General Funds. Effective of 15 May 2020, the trustees resolved to amalgamate the cash from the Capital Dividend Funds with the cash from the Revenue Fund. The investments from the Capital Dividend Fund now form part of the Capital Fund.
The income produced by the Capital Fund forms the Revenue Fund. All expenses and outgoings of the trust were payable from income until 15 May 2020 when the trustees also resolved to allocate trusts expenses in line with current accounting practice for similar charities, currently 50:50 between the Capital and Revenue Funds. The surplus income is distributed to the charities, charitable institutions and associations in furtherance of the trust's charitable purposes.
- 3 Going concern
The trustees are of the opinion that the trust can continue to meet its obligations as they fall due for the foreseeable future. As a consequence the trustees have prepared the financial statements under the going concern basis.
The reserves are sufficient to cover the trust's expenditure for the forthcoming year and beyond.
- 4 VAT
The trust is not registered for VAT and accordingly expenditure includes VAT where appropriate.
- 5 Taxation
The trust is a charity and is recognised as such by H M Revenue & Customs for taxation purposes. As a result there is no liability to taxation on any of its income.
- 6 Employees
The trust had no employees at any time during the year.
- 7 Trustees Remuneration 2025: Enil
2024: £nil
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MISS D M DAWSON TRUST Incorporating the funds of the trust estates for MISS D M DAWSON AND LADY DAWSON BRODIE
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 14 May 2025
8 Trustees Expenses
2025: £nil 2024: Enil
9 Related Party Transactions
Brodies LLP act as Secretaries and Treasurers for the trust. Brodies & Co Trustees Limited, a trustee from 22 May 2021, are a subsidiary of Brodies LLP. During the year Brodies LLP received fees of £21,750.00 including VAT from the trust (2024: £15,380.00).
10 Investments
Investments are quoted on international stock exchanges and stated at market value. Investments are reviewed at least yearly by stockbrokers and changes in the portfolio are made on their recommendation.
| 2025 | 2024 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| £ | £ | ||||||||||||
| Closing market value | 1,173,298.63 | 1,210,221.00 | |||||||||||
| Historic cost Cash Summary:- Investment sale proceeds Investments purchased Investment sale proceeds (net) |
1,093,675.29 564,338.98 517,455.74 46,883.24 |
1,032,144.21 332,514.77 290,995.83 41,518.94 |
|||||||||||
| 11 Dawson Mission |
Hall | 2025 | 2024 | ||||||||||
| £ Market value at 14 May 2022 Land & Buildings valuation 13/4/22 |
£ 275,000.00 |
£ 275,000.00 |
|||||||||||
| Cost | 275,000.00 | 275,000.00 | |||||||||||
| Land Buildings |
1,875.00 10,125.00 |
12,000.00 | 12,000.00 |
Note: The Mission Hall was valued at £275,000 on 13/4/2022 by DM Hall.
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MISS D M DAWSON TRUST Incorporating the funds of the trust estates for MISS D M DAWSON AND LADY DAWSON BRODIE
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 14 May 2025
12 Donations made
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|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Lady|Dawson|
|Donations|as|authorised|by the|trustees|Miss|Dawson's|Brodie's|
|Residuary|Estate|Residuary|Estate|
|£|£|
|CORE|CHARITIES|
|Edinburgh|&|Vicinity|
|Deaf|Action|3,000.00|
|Church|of|Scotland|operating|as|CrossReach|3,000.00|
|Samaritans|of|Edinburgh|and|the|Lothians|3,000.00|
|Falkirk|&|Vicinity|
|Strathcarron|Hospice|3,000.00|
|Barnardo's|Pathways|3,000.00|
|Samaritans|of|Falkirk|&|Central|Scotland|3,000.00|
|Committed|to|Ending|Abuse|
|-|formerly|Falkirk|and|District|Women's|Aid|3,000.00|
|ENABLE|Scotland,|Falkirk|branch|3,000.00|
|Salvation|Army,|Falkirk|3,000.00|
|Totals|6,000.00|21,000.00|
|NON-CORE|CHARITIES|
|Falkirk|District|Association|for|Mental|Health|1,750.00|
|Falkirk|Trinity|Church|1,750.00|
|William|Simpsons,|Stirling|1,750.00|
|William|Simpsons,|Stirling|(2024|donation)|1,500.00|
|Dunedin|School,|Edinburgh|1,750.00|
|Glasgow|City|Mission|1,750.00|
|Seagull|Trust|Cruises|1,750.00|
|PLUS|(Forth|Valley)|Limited|1,500.00|
|Equi-Power|Central|Scotland|RDA|1,800.00|
|Child|Bereavement|UK|1,000.00|
|Good|Morning|Project|Limited|1,000.00|
|Sistema|Scotland|-|Glasgow|&|Edinburgh|750.00|750.00|
|6,750.00|12,050.00|
|Total|donations|authorised|by|trustees|for|year|to|14|May|2025|£|
|Miss|D|M|Dawson|12,750.00|
|Lady|Dawson|Brodie|33,050.00|
|45,800.00|
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NOTES TO THE FINANCIAL STATEMENTS
For the year ended 14 May 2025
| 13 | Investment Management Costs | Investment Management Costs | Investment Management Costs | Investment Management Costs | Investment Management Costs | Investment Management Costs | Investment Management Costs | Investment Management Costs | Investment Management Costs | Investment Management Costs | Investment Management Costs | Investment Management Costs | Investment Management Costs | Investment Management Costs | Investment Management Costs | 2025 | 2024 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| £ | £ | |||||||||||||||||||||
| RBC | Brewin | Dolphin | - | portfolio management fees | ||||||||||||||||||
| - Capital Fund | 8,614.30 | 8,114.37 | ||||||||||||||||||||
| 8,614.30 | 8,114.37 | |||||||||||||||||||||
| 14 | Administration Expenses £ Brodies LLP - management fees, expenses + VAT - Capital 10,875.00 |
2025 £ |
2024 £ 8,855.00 |
|||||||||||||||||||
| - Revenue | 10,875.00 | 21,750.00 | 6,525.00 | |||||||||||||||||||
| Independent | examination cost re previous year's accounts | |||||||||||||||||||||
| - Capital | 1,134.00 | 1,080.00 | ||||||||||||||||||||
| - Revenue | 1,134.00 | 2,268.00 | 1,080.00 | |||||||||||||||||||
| 24,018.00 | 17,540.00 | |||||||||||||||||||||
| 15 | Creditors Independent examiner fees - this year - Capital - Revenue Brodies LLP- provision forfees relating to accounts preparation etc - Capital |
2025 £ 1,170.00 1,170.00 1,000.00 |
2024 £ 1,080.00 1,080.00 2,175.00 |
|||||||||||||||||||
| - Revenue | 1,000.00 | 2,175.00 | ||||||||||||||||||||
| 4,340.00 | 6,510.00 |
16 Guarantees and Commitments
There were no commitments at balance sheet date.
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