W&CA DA041(*X)2 Cfv4rlliesNty.50)15935 IBU5TEEY ANNU11EPoftl DAttovpirs FOR THE YEAR EN0E08TO&Eft 202S
THE SCOTh.DAVIDSON CHARrrABLE TRusr Report otthetnAt4es forthe ye¥ended 8Ortober2025 Referefi and admlnlstratlve Infornmthin Truslees Lord Donald Graham FSona Turnbull Helen Mary Buch8n8n Dad Stevrart Leslie PrFnclpal OFnce and Solltltors Mitchells Roberton Solicliors George House 36 North Hanover Street Glasgow fj12AD Charfty Number: SC015935 kers The Royol Bank of Scotland PLC Glasgow Clty 8ranch 10 Goréon Street Glasgow 613PL Inveslmènt Adviser Rathbones InveslmÈAt Management George House 50 George Squa Glasgow G2 IEH
ThE sco-0AVItssON CHARITABLETRUST R1 ofthe tru51eu forthe ¥e¥ended 80clolw 21n5 Icontd. The Ttustees present thelrannual report and flnarKral statements of the charitable trust for thÈyear ended 8 October 2025. In prevlrAJs year5 Ihe accounts were ppared on a Retelpts and pa¥Thts ba5. Thos ¥earthe account5 have been prepared Dn an aCCTuals ba5wIth the 2024 Comparatives represented In a comparable fornièt. The flndal statements have been prepared Tn accordance wth the accountln8 p)Ilcles, wlth the gccounting poll:le5 Set out in note I to the aCCOts and ¢V the ehartvs trust deed, the Charfties and Trustee Investment IStDtlandl Act 21Y)5. The CharItS Accounts (Scotlandl Regulations 2006la$ amendedl and Accounting and Reporting by Charhles: Statement of Fte¢ommended Pf&rtite applicable to charities preparin8 thelr acc¢)unts In accOante with the the Flnanclal Reporti Standard appliCae In the UK and RepuNic of IfeLand IFRS 1021 IEffÈthive I january 20191 Structure. go¥ernanc• and manazemnt Foundl Documents and Trustees The Scott3VIdSon Charftsble TnJ$t Is an unIntOTr3ted charItae trust establtshed In 1983 by the late Walter Wllliam Scott-Dawdson in temis of hi5 Trust DisposltSon and Settlement dated 12th August 1983 arbd rrfteen relative Codiuls. The main tharitable provlsions are contained the Codlcil dated 16th No¥ember 1986. The Trustees are appointed In accordante wlth the termsth the Constituent Trust Deed. Durlng the accountkng year reported on the Trv5tees were:. Lijfd Donald Graham Fiona Turnbull Helen Mary buchanan Davld StÈwart Le51ie Rlsk Mana8ement The irustees have ¢onsldered the major risk5 to whkh the charitable trusi15 exposed. They have re¥iewed those rr5k5 and e5tab115hed systems and procedures to manage them.
Report ofthe trusttts for the Trr¢Trded 8 Ortober20ZS IContd.I Obie¢tl¥es and acllyltles The trust Purpose speclfied In thefounding documents is to PrOde for paymentolthe whole or such part of the fveé income of Trust as the Tru5tee5 in their absolute dlscretion may from time to timé dècide for such tharttable purposes including payments to orfor the benefit of individuals or to such tharitable institutions, socSetles. foundations or fvnd5 as the Trustees in their ab501ute discretion select. The Trustees also have fijll power at their absolute dis¢retKm to encroath upon capital if necessary. Grant m4kkn8 popry The TNstees award grants in accordance with the Trust ()eed. Ath1¢ents prHI performance During the year to 8 October 2025 expenditure on tharltable athitles was £15,910 tompared wrth £22,0for the previou5 year. The TrusteE5 have undertaken and wlll continueto undertake their customary range of activities èll of whlch are Sn accordancp with thetern of the Trust. Fln3n¢lal Review Investment Income 8ri5tn8 durtn8 the year totslled £20.702 Ipre¥ious year£23.0351. Investment poll¢y I1 perfornnce In terms of the found1 documents. the Trustees are empowered to Invest the tnJ5t funds or lend the same on the securkty olany heritsble or real property or any stotks or shares or other *curltfres whethèr autl%)rtsed by law for Investment bytrustee5 or not. The strategy adoptèd by the Trustees is to protect the urbJerlyinÈ le of the ¢3pltal whllst fotU$5inB on generating income to allow the charityto attaln its oblectlves. Inve5trnent decislons are made by the Trustees after consultstion wth, and on considerin8 the advice of, the Stockbrokers who are aware of the ratY adopted. The Stockbrokers prepare valuali(M$ and reports annually. The FX)rtfolio is reviewed regularly, Reser¥es pollcy TheTrustee5 retaln sufficient reserves to ensure that it Is able to meet its ovetheads and objectNes.
THE $CO.DAVIDsON CHARITABLE TRUST Reportof the trusteeslorthe ar ended 8 0(tob¢r 2025 (Contd.) Trnstees. responslbititles In relatlon tothe finandalstatements Charity law requires the Trustees to preparE or have prepared on their behalf Accounts for each flnancial year which give a tn and fair view of the state of affairs of the Trust and of the Income and expendlturè of the Trust for that perbd. In preparing those accounls. the Trusteesare required to=_ select sultable accounng policles ar)d then apply them consistentlv make ludgements and estlmates that are reasonable and wudent prepare thè Atcounts on the ongoing concem ba51s unless it Is inappropriate to presume thatthe charitable tnWIll continue in exlstence,, The Trustees are responsible for keeplr8 proper accoUnne records whkh dlsdose wlth reasonable accuracy at any time the financial potn of The Scott-Davldson charitable Trust and to enable them to ensure ihat the accounts compty with the Charitles and Trustee Investment Iscotlandl Art 2(X)5 and the Charilies Accounts (Scotlandl Regulations 2006. las amended). Thev are also responsible for safe guarding the assets ofThe S¢ott-Davidson CharTtsble Trust and he0 for taklng reastsnab steps for the prevention and detertion of fraud and other IrregularStles. Apprgved by the trustees on /1, Date and signed gn thÈir behalf bv Dad Stew Trustee
THE SCOTh.DAVIDSON CHARITABLE TRUST INDEPENDENT EXAMINERS RÉPORTTO THETRiISTEE5 OF THE 5coYr-DAVID50N CHARITABLE TRusr YEAR E14DED 8 ocfo8ER 2025 I report on the xcounts of the Charity for the year ended 8 Ortober 2025 which are set (Mrt on pa8es 7 to 13. Re5pectlve r•sponslbAStles of tru$tees and examiner The Charfty'g Trustees are responsible lor the prepar4tlon of the accounts In accordance with the term5 of the Charities and Trustee Invement {Scctlandl Att 2005 and the Charities Accourbts (Scotlandl RegUtIOnS 2C#J6 las amendedl. The charity's trustees conslderthat the audit requ1 ment of Regulatlon 101111(Jl of the 2006 Accounts Regulatlons does not app. It Is my fesponsibility to examine the accounts as required under sectDn 4ql}Icl of the Att and to state whether particular matte15 have come to my attention. 8asls of Indtpèndènt Èxamknerfs statement My examination is carried out in ac£ordan¢e Regulation 11 of the 2006 Accounts Regulations. An examination includes a revlew of the accounting records kept by the Charlty and a comparlson of the accounts presented wlth those records. It also include5 conslderatlcn of any unusual item5 ordisdosures in the accounts. and seeks explanation5 from the Trustees COnmi any such matters. The procedures undertaken to do not provide all the evidence that would be required in an audlt. and ¢onsequentfy I do not express an audit opinion on the view gfven by the accounts. IndeperNlent wmlnerf5 Statemw In the course of my examination. no matter has come to my attention l. whith glves rne reasonable tause to believe that in any matedal respect the requlrements.. to keep a¢counlln8 records In accordance with Section 44llllal of the 2005 Act and Regulation 4 of the 26 Accounts Regulations and ta prepare accounts which accord wlth the accountlng records and compiy with Regulation 9 of the 21X)6 Accounts Regulations have not been met. or
THESco.-DAVIDS0N CHAR ThABLE TRUST INDEPENDENT EXAMINER'S REPORTTOTHETRUSTEES OF THE sCOThlAvIDs0N (IIARITABLE TRU YEAR ENDED 8 OCTOBER 2025 2. to which, in my opinion, attention should be drawn in orderto enable a proper understanding of the accounts to be reached. Andrew B Wilson CA Independent Examiner Nelson Gilmour Smith Chartered Accountants Mercantile Chambers 53 Bothwell Street Glasgow G2 6TB
THE sCOTh•AvID CHARITABLE TRUST Slatsm•rt of Anandal A¢tl¥ttles fDrtho year ended 8Ortober2025 Total Fund5 2025 Total Fund$ 2024 Nrte Income and endowments: lrnvestment In¢ome 20.702 23,035 Totsl Income 20.702 23,035 EXpenrtUre on: C05t of ralslfig funds Investment rnana8ement costs 5.547 5.515 tharitable xtivitlès Charftable donation5 Svpport costs 15,910 2,700 1,800 Cost of grant maklnz 18,610 25.800 lotal pendIte 14.157 29.315 Net 8alnslllossesl on Investments Net lth)vernntln Funds 9(c 33.475 30,Q2D 59,927 53,647 Re¢ondlFatlon ofId&. Tatal Funds biou8ht forward Total Funds carrSed f0Th4aTd 681.467 627,820 711,487 6BL467 The nvte5 on pages 9 to 13 lorm part ofthese accounts All incorne and expendlture derive from continuing activirles
THE scO.DAvID$0N CHAftIYA8LETRusr Balan$heet a5 at 8 October 202S Total Funds 2025 Total Funds 2024 Flxed 055ets: Inve5tmerrts Total Flxed Assets 9(bl 667,212 640,501 667,212 640,501 Current assets: Cash at battk and hand 46.975 42.766 Totsl Cunent Assets 46,975 4Z.766 Llabllltles.. Creditors falllng due Trmthin one yéar io 12,71Kil 11,8c(II 44.275 40,966 Nèt Current Assets Tot•1 assets less <yrrert Ilabilltles niA87 681.467 N•t assets 71L487 681A67 The lunds ofthe ¢harity', At 9 October 2024 Sury)lu$/ldefiotl from Income and expeDdlture account As ai 8 OLlober 2025 681A67 627,820 30,020 53.647 7110187 681.467 The notes on page5 9 to 13 form part of these accounts Approved bythe Tiustees on '. Date nd sl8ned on their behèlf by.. Oawd Stewart Leie
THE KOTf.DAVIDSON CIIARITABLE TRUST Notes on the accounts for the ended 8 Odobèr 2025 l. A¢¢ountlng potldes lal Basls of prepaMlon and asses5fflent of golry concern These financlal statements have been prepared in comrtrliance with FRS 102. 'The Financial Reportlng Standard applicable In the UK and the Republic of Ireland., the Statement of Recommended practi applicable to charf(ie5 preparing thelr accounts in accordance wlth the Financial Reporting Standard applicable In the UK ènd Republlc of Ireland IFRS 102} (Charities SORP IFRS 1021 IEffectlve l Jènuary 20191 and the Charitie5 and Trustee Investment Iscotlandl Act 2(K)5 and the Charity Accounts (Scotlandl Regulations 2006 las amended). The actounts {financial statements) have been prepared under the historlc cost conventlon. with the exception that investments are Incbjded at market value. The flnancSal ststements are prepared In sterling. whlch Is the funttlonal currency of the entlty. The ¢harlty is reStered In Scotland for pubfK benefft. charity number SCOI5935. The trustees conder that there are no materfal uncertalnties about the Trust's ablllty to¢ontiTrue as a going concern. With respect lo the next reportin8 period. 2025-26, thp m¢)st significant areas of uncertainty that affect the carrySn8 value of a55ets held by the Trust are the level of investment return and the performance of investment markets Isee the Inve5trnent polic¥ and perforrnancè and r15k management sections of the trustees, annual report for more information). Ibl Reconcalalion wlth prevlous Genera*y Attept•d AccouDlln8 Prrttke In preparing the accounts. the tfustees have considered whether in applwng the accounting policies required by FRS 102 and the Charities SORP {FRS 10213 reStatennt of comparatNe items was required. No restatements were required. (cl Funds Struthre The fund5 of the Charity are unrestrlcted. {d) Income recognltlon All income is recognised in the Statement of Financial Activities15oFA) once the charltable trust ha5 entltlement to the incomÈ. it is pToboble that the income will be received and the amount of income receivable can be measured reliably. As the Charity is exempi frorn taxation provlsion is made for the tax recovery followng submlsslon of a relevant tax daim. le} Expendlture rec<wiltlon Llabilities are cOgnised as expenditure In the SOFA as soon as there is a legal or constructive obligation committlng ihe charity to that expendlture, It Is probable that settlement will be requlred and the èmount of the obligation ran be measured Safely. All e4)endlture is accounted for on an accruals basis.
-io- THE SCOTh-DAVIDSON CHARITABLE TRusr Note5 on the a¢countsforthe year ended 8 October 2025 l. Account1 polides l¢ontd.) (n Costs ol ratslnsfunds The costs of generatlng funds Conslst of Investment mana8emènt and other relevant fees. (gl Charltable actlvltles Ct)sts of Charltable activities cornprlse grants made and support costs that ¢omprlse 11 administrdtive out8oing5, internal and pxternal audit, legal ad¥ice for Trustees, costs associated with constitutional and statutory requirements and Strategic marw8ernent throughout the year. Ihl FIKed asset Investments lTrvestments are a form of basic financial irhstrument and are initially reco8ni5ed at theiT tran5actlon value and subsequently rneasured at their fair value as at balance sheet date using the closing quoted market price. The statement of finanaal actlvitles indudes the net gaSns and losses arlslng on revaluatlon and disposals throughout theyear. The Trust does not acquire put opt1$ derivatives or other MPleX financial Instruments. The maln form of financial risk faced by the charity is that of volatility in equlty markets and Investment markets due to wider economic conditlons, the attitude of investors to investment rlsk and chan8es In sentlment concernin8 equities and withln particular sectors or sub sectors. 11} Galns and losses All galns and10s5e5 are taken to the Statement of Firlanci ActNttle5 as they arise. Reallsed galn$ and losses on investments are calculated as the dlfference between sales proceeds and thelr openln8 carrying value or their purchase value If acoulred subsequent to the flr5t day ol the flnancial year. Unrealised gains and105ses are calculated a5 the difference between the lair value at the year end and their Carrylng value. Reallsed and unrealised investment gains and losse5 are combined lrn the Statemènt of Flnantial ActivltiÈs. Ul Contin8ert Uabnittes and Provlslons Nt)ne.
-li- Tte¥ re¢elved en?me$12024£II aAdNo eMptse512024 £rf. DNIDENDS- UKe9Uit FIXED INTEREST- IJK DIVIDENOS- UKUnilTrusts INTERE5T- LIK iinit Trwls DNIDEN05- In%51n Tru51s DNIDENDS- UK twttle5llY05 reXed 8m5sI DNIDENOS- OverseasSeLUWities EqlIeS K INTEREST 7087 235 2268 157J 432 1161 8,133 3,174 2.714 2.597 424 1,645 3,688 661 23.036 .71P 2021J Rathb(W Investment Manatemetht 5.515 softhavltblpeApwdtte ri The Fiural Peess CONHMol fmr05S Hf¢Youw Carw$ SCIO Xinr05s Wrftiry Group Klnrn$5VoJurterGroup& RuralOuiMthStheme £[lne Veteranslh SEamab Take a PL¥th4eA$5octstK R5Fia 5ockty Ltd-Flnil 1ralmentoFJ¥¥ ftAF8ene¥olent Fund Kinms$ 8o¥Airw Club RSNO Socw Lrd. FtsrtfStalmem rf 3 yewya t Vp Itarn8 ScotL•nd's Ch¥fity AmbuLince Natioal Youth aK4rofSwriand- Perth WKw(b)ir Regbnal Streen kotlarhl A Moments peary TheatrE ccrfnpany Ertfrine Howtal Children'5Mu5K Fowdation In&othndLld. Perth ProJeLt Chadren s MU¢fOund10fft In Scof.d Ltd. Perth pro Kin1055 & IYstrKt nIOrSrkra1thb Perthshlre SocletyclNatural Sden SCotland'sr hbIancE EasteMAmateur5 RM(jb The BenettI Foun0ain UelthVil*e Hall Assodatlin Kin8C•oé V PlaYkn8eld DevdopmEnt s 2.5L¥) Lsrxi 1.0 LfA)Q 500 L500 2.000 5tKs 2Y) 2.250 Is0
-12- LawAynt'5fee IneJeftf txarne5fE IAoo Cash hdd b¥VltcWk RobertN lal Cash held by MitclIS Robertofft Ibl Cash held by Ralhbone5- Capttal 5hhehl bYRths. Re¥n 20543 17.685 24.455 L968 44976 13.237 1,834 42,766 20ZS 2024 UK t9tIeS UK re Intertsr UK lt trusts nLTrhilerestboarfng UK w)It twsts*)tero5t beadng other Irwe Iwopvtyl Over$eis seeuritiese•#ts IOOJ89 85ffi8 81747 54.DlS 9,933 274.227 fj67J 709 96M7 48.041 61.233 25.580 159,314 640.501
f4 Tot41 net PreedS frLYn dlsposa15 ie&s.' Boukvabje Le$5'. net losse50n disp05als Z44.1B9 1226.YlSI 17.784 179.153 15.545 M8rket ue broLtIOn¥[d Add: add1t10 w IrNestm)tsat ta Dispusa15 at(arryln8 value Add.. la11$$¢$> on rtvaluatK Mathetvalue as ai 8th Ortober 7025 640.501 237.335 1226 315 15,691 667212 S80,341 179,388 I163,6) 44.382 640,SLII Nrtllossosllpkns In¥e5tmEnts On&isposalsas atrhwe On re¥aluatlcffl 35 abe 24 17.784 15.591 33A75 ,545 44.382 $9.9Z7 Hlstodtal Cuyt•t8th O¢tober 2025 560W S>7920 IQZ4 trheils Roberlm it Ne150n Gllrnouv knilh