THE ADAMSON TRUST
(THE ROBERT AND
AGNES G ADAMSON'S FUND)
TRUSTEES. REPORT AND ACCOUNTS
FOR THE YEAR ENDED MARCH 31st 2025

The Adamson Trust
(The Robert and Agnes G Adamson's Fund)
Contents
Page
Trustees, Report
Independent Examiner's Report
Statement of Financial Activities
Balance Sheet
10
Notes to the Accounts
11

The Adamson Trust
(The Robert and Agnes G Adamson's Fund)
Report of the Trustees for The Year
ended 31 March 2025
Overview
The Trustees present their report along with the financial statements of the Trust for
the year ended 31 March 2025. The Trustees have adopted the provisions of
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) (effective I
January 2019)
Objectives and Activities
The objects and principal activities of the Trust are the provision of grants to help
finance holidays, including respite care, for disabled chlldren through application by
Individuals and Institutions, with a preference being given to those locally resident in
Scotland.
The Trust encourages applications for financial assistance to enhance the lives of
disabled children through holiday breaks with the attendance required to cater for
their disabilities. The Trustees favour applications from families with disabled children
where a relatively small donation can make a real difference. In addition, they are
continually looking for applications from organisations to give financial assistance for
respite and holiday activity to reach more beneficiaries. A broader view is now taken
on application for grant aid, with the inclusion of assistance for respite breaks. Costs
are tightly controlled to maximise the distributable income.
The Trust invites applications for donations towards holiday costs for children over 2
years and under 18 years of age who suffer physical or mental disabilities. These
applications can be from Individuals or Institutions. The completed application form,
accompanied by a letter confirming the disability of the recipient, is circulated to the
Trustees prior to their meeting to approve or decline the donation. A letter is then
sent by the Administrator advising the decision of the Trustees and, if successful,
enclosing a cheque and a letter of receipt for signature and return. Care is taken to
ensure that applications are not duplicated.
It is intended that the Trust will continue to pursue activities and policies to sustain
and enhance its underlying objectives. The Trustees have no intention of pursuing
policies that would jeopardise the charitable status of the Trust.
The Trustees consider the longer-term objective as one of continuity and control of the
donation of funds in a climate of increasing demand on diminishing resources in the
voluntary sector.

The Adamson Trust
(The Robert and Agnes G Adamson's Fund)
Report of the Trustees for The Year
ended 31 March 2025
Objectives and Activities (continued)
In the year ahead the Trustees see no need for significant change from the activities
adopted during the financial year with efforts made to maintain a solid capital base for
the Trust's resources and distribution of income to the most effective areas of benefit.
Financial Review
The results as set out in the 2024/2025 accounts show that incoming resources
increased during the year although they remain below levels received in earlier years.
Investment income of £68,217 was received in the year compared to £65,462 in
2023/2024 and £70,904 in 202212023. The trust also received two generous donations
totalling £1,250, giving a total income of £69,467.
The value of awards made to applicants, at £66,450 against £62,848 in the year to
March 31, 2024, and after other expenses resulted in an excess of expenditure over
income. Demand for grants/awards had previously lessened due to the restrictions due
to Covid-19 but the number of applications increased again this year as families
returned to holidays.
The statement of financial activities shows that the net expenditure before other gains
and losses for the year resulted in a deficit of £10,482 (2023: deficit £13,552)
The structure of the investment portfolio has been maintained by the Investment.
Advisers during a very volatile period with the closing market value of the portfolio
stated at £2,025,230, a rise in value of £10,784 from the previous year end after
adjusting for sales and purchases.
The Trustees operate a policy of keeping costs to the minimum in order that awards can
be maximised. Costs in the year amounted to £13,499 (19.40/0 of revenues), but
include investment management costs of £10,146 (14.6 % of revenues).
The Trustees are grateful that all the administration work is done on a voluntary basis
without remuneration. This allows the main charitable activity of grant donation to be
maximised.
By utilising the funds on hand at the start of the year, and the income stream, it was
possible to satisfy a large number of applications. Total valid applications considered in
2024/25 amounted to 365 (compared to 400 in 2023/24; 362 in 2022/23).
Of these 284 were received from individuals and 81 from groups, schools or other
organisations. 99 of the applications were received from Scottish individuals, schools or
groups.

The Adamson Trust
(The Robert and Agnes G Adamson's Fund)
Report of the Trustees for The Year
ended 31 March 2025
Financial Review (continued)
The total awards made amounted to £66,450. Of these, awards were made to 242
individuals (222 in 2023/24; 182 in 2022/23) totalling £62,4000 (£54,950 in 2023/24;
£61,635 in 2022123) and to 14 organisations & schools (24 in 2023/24; 13 in
2022123) totalling £4,050 (£8398 in 2023/24; £11,600 in 2022/23). Some
organisations requested that the grant be awarded directly to the family rather than
through their organisation.
The portfolio of investments is held in the name of the Investment Advisers Brewin
Dolphin Ltd and is managed on a discretionary basis at an annual fee of 0.50/0 of the
portfolio (excluding VAT). The investment portfolio is not for distribution to applicants
and is used solely to provide an income stream of dividends and interest for funding
the grants that the trust makes to approved applications which meet the criteria in the
founding deed. The market value of the investments held has increased from
£2,023,227 to £2,025,230. All the income of the Trust is earned from the investment
portfolio and bank balances and so a well-balanced mix of investments is important.
This is understood by the Trustees and the Investment Advisers. The capital invested
Is held under the Trust deed solely at the discretion of the Trustees. The Trustees,
policy is currently to distribute only the revenue earned from the capital.
Structure, Governance and Management
The Trust is an unincorporated Trust, constituted under a Trust deed dated 24
December 1946 and was registered on 20 April 1949. The registered charity number is
SC016517.
To conform to the original trust deed, as agreed by the trustees, all new trustees are
assumed and current trustees who retired/resign are recorded as such in the official
minute of a meeting of the trustees. Trustees remain in office for an indefinite period,
but where there is a requirement for new Trustees they will be identified, with
consideration given to the skills and experience required, and appointed by the
remaining Trustees. New Trustees should bring a good balance of expertise and
understanding to contribute to the Trust. A new Trustee would receive copies of
previous years, accounts and a copy of the founding document, and receive training
and guidance as necessary.
The Trustees meet 4 times each year to consider the applications for funding,
investment advice from the Investment Advisers, accounting advice from the Trust
Accountants the level of reserves and risk management. The day-to-day
administration of grants and the processing and handling of applications prior to
consideration by the Trustees is delegated to the Administrator. Investment advice is
also channelled through the Administrator who seeks approval of two Trustees before
action is taken.

The Adamson Trust
(The Robert and Agnes G Adamson's Fund)
Report of the Trustees for The Year
ended 31 March 2025
structure, Governance and Management (continued)
The ultimate responsibility for the management of the business of the Trust is vested in
the Trustees with an Administrator who undertakes the day to day running of the Trust's
operation.
The Trustees are of the opinion that there are sufficient available funds and capital to
enable the principal objects of the Trust to continue to be met.
The unrestricted fund consists of any undistributed surplus Income and the capital of the
Trust and is maintained at a level which will help support the total amount available for
charitable donation and to cover any operating costs or for any future capital investment
at the Trustees, discretion.
Major risks and management of those risks
The trustees have a duty to identify and review the risks to which the charity is exposed
and to ensure appropriate controls are in place to provide reasonable assurance against
fraud and error.
The trustees consider variability of returns on the investments to constitute the charity's
major financial risk. In order to ameliorate the risk, the trustees have employed an
investment manager on a discretionary basis with instructions to maintain the capital
whilst generating sufficient Income to meet the ongolng charitable needs.
The other major operational risk relates to fraud in respect of applications made to the
Trust. The trustee5 are constantly monitoring the situation to ensure that all applications
are made from bona fide applicants.
The identification and assessment of risks to which the Charity may be exposed will be
conducted on an ongoing basis by the trustees.
So far as the Trustees are aware there is no relevant information of which the Trust's
Independent Examiner is unaware and the Trustees have taken all steps that they ought
to have taken as Trustees in order to make themselves aware of any relevant
information and so establish that the Trust's Independent Examiner is aware of that
information.
Future Projections
Consideration has been given to an increasing number of applications, reflecting a 'pent
up" demand and need, for holidays after Lock-Down. The current financial pressure on
household budgets means we have seen an increase in applications by individual families
and do not expect to see this trend reverse in the near future.

The Adamson Trust
(The Robert and Agnes G Adamson's Fund)
Report of the Trustees for The Year
ended 31 March 2025
Administration Information
Trustees
Adrninistrator
Charlty Number
SC016517
Principal Address
P O Box 26357
Crieff
Perthshire PH7 3AA
Accountant
Kelly Accountino Ltd
42 Comrie Street
CRIEFF
Perthshire PH7 4AX
Bankers
Bank of Scotland
l Galvelmore st￿et
CRIEFF
Perthshire PH7 4DN
Solicitors
Lindsays WS
10 Blackfriars Street
Perth PHI 5NS
Investment Advisers
Brewin Dolphin Ltd
Investment Brokers
6 Floor, Atria One
144 Morrison Street
EDINBURGH EH3 8EX

The Adamson Trust
(The Robert and Agnes G Adamson's Fund)
Report of the Trustees for The Year
ended 31 March 2025
statement of Trustees, Responsibillties
Law applicable to charities in Scotland requires the trustees to prepare an annual
report and accounts for each financial year whlch give a true and fair view of the
charity's financial activities during the year and of its financial positlon at the end of
the year. The trustees are responsible for preparing the annual report and the financial
statements in accordance with applicable law and United Kingdom Generally Accepted
Accounting Practice (UK GAAP).
In preparing those accountsi giving a true and fair view, the trustees should follow best
practlce and..
select sultable accounting pollcles and then apply them consistentlyi
make judgements and estimates that are reasonable and prudent.
state wheLher applicable accounting standards and statements of rccommendcd
practlce liave been followed, subject to any departures disclosed and explained in the
accounl's;
-prepare the account5 on a golng concern basis unless it is inappropriate to presume
the charlty wlll continue in operation.
The trustees are responsible for keeping accounting records which disclose with
reasonable accuracy the flnanclal posltlon of the charity and which enable It to ensure
that the accounts comply with the Charlties and Trustee Investment (Sco(land) Act
2005, the Charitles Accounts (Scotland) Regulatlons 2006 and the constltution. They
are also responsible for safeguarding the assets of the charlty and hence for taking
reasonable steps for the prevention and detectlon of fraud and other Irregularltles.
The annual report was approved by the trustees of the charity on 7 August 2025 and
signed on its behalf by:

The Adamson Trust
(The Robert and Agnes G Adamson's Fund)
Independent Examiner's Report to the Trustees of
The Adamson Trust
I report on the accounts of the charity for the year to 31 March 2025 which are set out
on pages 9 to 16.
Respective responsibilities of trustees and examiner
The charity's trustee5 are responsible for the preparation of the accounts in accordance
with the terms of the Charitie5 and Trustee Investment (Scotland) Act 2005 and the
Charities Accounts (Scotland) Regulations 2006 (as amended). The charity trustees
consider that the audit requirement of Regulation 10(I)(a) to (c) of the Accounts
Re9ulations does not apply. It Is my responsibility to examine the accounts 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 Charities
Accounts (Scotland) Regulations 2006 (as amended). An examination includes a review
of the accounting records kept by the charity and a comparison of the accounts
presented with those records.
It also includes consideration of any unusual items or disclosures in the accounts, 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 I do not express an audit opinion on the view given by the accounts.
Independent examiner's statement
In the course of my examlnation, no matter has come to my attention
l. which gives me reasonable cause to believe that in any material respect the
requirements:
to keep accounting records in accordance wlth Sectlon 44{ 1)(a) of the 2005 Act and
Regulation 4 of the 2006 Accounts Regulations, and
to prepare accounts which accord with the accDuntlng records and comply with
Regulation 8 of the 2006 Accounts Regulations have not been met, or
2. to which, in my opinion, attention should be draivn in order to enable a proper
understandin
of the accoLints to be reached.
For and on btshalf or Ke
42 Comrie Street, Crieff
ccounting Limited
Date: 7th August 2025

The Adamson Trust
(The Robert and Agnes G Adamson's Fund)
Statement of FinancSal Activities for the year to March 31st 2025
Year to
March 31st 2025
Year to
March 31st 2024
Notes
INCOME
Donations Received
Investment Income
1,250
68,217
290
65,462
69,467
65,752
EXPENDITURE
Investment management costs
Charitable Activities
Cost of Grant maklng
Other
10,146
12,841
66,450
3,353
62,848
3,615
TOTAL EXPENDITURE
79,949
79,304
NET EXPENDITURE BEFORE OTHER
RECOGNISED GAINS AND LOSSES
(10,482)
(13,552)
other Recognised Gains
Realised and unrealised Gains/Losses on
Investment Assets
10,784
108,450
NET MOVEMENT IN FUNDS
302
94,898
Reconciliation of Funds
Total Funds Brought Forward
2,052,817
1,957,919
Total Funds Carried Forward
2,053,119
2,052,817
All of the Charity's activities derive from continuing operations during the above two
years.

The Adamson Trust
(The Robert and Agnes G Adamson's Fund)
Balance Sheet as at March 31st 2024
March 31st
2024
March 31st
2023
Notes
FIXED ASSETS
Investments
2.025.230
2,023,227
CURReNT ASSETS
Debrors
Cash at bank & on hand
io
4,041
27,028
31,069
3,106
32,934
36,040
CREDITORS . amounts falling due
within one year
11
3,180
6,450
NET CURRENT ASSETS
27,889
29,590
TOTAL A55ETS LESS CURRENT LIABILITIES
2,053,119
2,052,817
THE FUNDS OF THE CHARITY
Unrestrlcted Income Funds
12&13
2,053,119
2,052,817
The accounts were approved by the trustees on 7th August 2025
For and on behalf of the trustees:
io

The Adamson Trust
(The Robert and Agnes G Adamson's Fund)
Notes to the financial statements for the year to March 31st 2025
l Accounting policies
1.1 Statement of compliance
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) (effective l January 2019)
(Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland)
Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
1.2 Basis of preparation
The Adamson Trust meets the definition of a public benefit entity under FRS 102.
The financial statements have been prepared under the historic cost convention
with the exception of investments which are included at market value. as modified
by the revaluation of certain assets.
1.3 Going concern
The trustees consider that there are no material uncertainties about the charity's
ability to continue as a going concern.
1.4 Income and endowments
All income Is recognised in the Statement of Financial Activities once the charity has
entitlement to the funds, it is probable that the income will be received and the
amount can be measured reliably.
1.5 Investment income
Interest on funds held on deposit is included when receivable and the amount can
be measured reliably by the charity. this is normally upon notification of the
interest paid or payable by the bank. Dividends are recognised once the dividend
has been declared and notification has been received of the dividend due.
1.6 Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that
expenditure, it is probable settlement is required and the amount can be measured
reliably. All costs are allocated to the applicable expenditure heading that aggregate
similar costs to that category. Where costs cannot be directly attributed to
particular headings they have been allocated on a ba515 consistent with the use of
resources, with central staff costs allocated on the basis of time spent, and
depreciation charges allocated on the portion of the asset's use. Other support costs
are allocated based on the spread of staff costs.
li

The Adamson Trust
(The Robert and Agnes G Adamson's Fund)
Notes to the financial statements for the year to March 31st 2025
1.7 Raising funds
These are costs incurred in attracting voluntary income, the management of
investments and those incurred in trading activities that raise funds.
1.8 Grant expenditure
Grants payable are charged to the year when the grant approved by the trustees is
unconditionally committed to the recipient.
1.9 Governance costs
These include the cost5 attributable to the charity's compliance with constitutional
and statutory requirements, including audit, strategic management and trustees's
meetings and reimbursed expenses.
1.10 Taxation
The charity is exempt from tax on its charitable activities.
1.11 Fixed asset investments
Fixed asset investments, other than programme related investments, are included
at market value at the balance sheet date. Realised gains and losses on
investments are calculated as the difference between sales proceeds and their
market value at the start of the year, or their subsequent cost, and are charged or
credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains andlosses represent the movement in market values during the
year and are credited or charged to the Statement of Financial Activities based on
the market value at the year end.
1.12 Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other
short-term highly liquid investments that are readily convertible to a known amount
of cash and are subject to an insignificant risk of change in value.
1.13 Fund structure
All funds are regarded as unrestricted and are available for use at the trustees,
discretion in furtherance of the objectives of the charity.
12

The Adamson Trust
(The Robert & Agnes Adamson's Fund)
Notes to the financial statements for the year to March 31st 2025
2 Investment Income
2025
2024
Income from Listed Investments
Bank Interest
61,618
6,599
68,217
60,420
5,042
65,462
All investment income relates to unrestricted funds
3 Total Resources Expended
Other
Costs
Grant Funding
Total
2025
Total
2024
Costs of Generating Funds
Portfolio Management Fees
10,146
10,146
12,841
Charitable Activities
Grant Making
Grant funding of activities
Support Costs
66,450
66,450
3,353
69,803
62,848
3,615
66,463
3,353
3,353
66,450
All grant funding relates to unrestricted funds
13

The Adamson Trust
(The Robert and Agnes G Adamson's Fund)
Notes to the financial statements for the year to March 31st 2025
4 Grants Payable
Grants to
Grants to
Institutions Individuals
Tota I
2025
Total
2024
Grant Making
4,050
62,400
66,450
62,848
The number of grants awarded in the year was as follows
Grants to Institutions (Incl. schools) - 13, Grants to Individuals
Grants to Institutions relating to Grant making comprise
242.
2025
2024
Grants to schools
1,750
2,450
Butterfly Trust
Other Grants under £1,000
1,000
3,998
7,448
2,300
4,050
Support Costs
2025
2024
Stationery and Postage
Web Site Design & Creation
Administrative support costs
Independent Examiner's Fee
806
387
960
1,200
817
338
1,260
1,200
14

The Adamson Trust
(The Robert and Agnes G Adamson's Fund)
Notes to the financial statements for the year to March 31st 2025
6 Trustees
None of the Trustees (nor any persons connected with them) received any
renumeration or benefits from the Trust during the year.
One trustee was re-imbursed £452 (2024.. £574) in respect of postage & stationery
costs incurred on behalf of the charity during the year.
7 Employees
There were no employees during the year.
8 Taxation
No taxation is payable as the Trust is a charity registered with the Office of the
Scottlsh Charity Regulator.
9 Fixed Asset Investments
Portfolio
Market value at April 1 2024
Additions at cost
Disposals at market value
Change in value in the year
Market value as at March 31 2025
2,023,227
373,186
(381,967)
10,784
2,025,230
Historical Cost:
At March 31 2025
1,763,489
At March 31 2024
1,723,383
15

The Adamson Trust
(The Robert and Agnes G Adamson's Fund)
Notes to the financial statements for the year to March 31st 2025
10 Debtors
2025
2024
Other debtors
4,041
3,106
11 Credltors Amounts falling due within one year
2025
2024
Sundry Creditors
Accruals
3,180
3,180
6,450
6,450
12 Funds
Recognised
Balance at Incoming Resources gains/
1.4.2024
Resources Expended losses
Balance at
31.3.2025
Unrestricted funds
General
2,052,817
69,467 (79,949)
10,784 2,053,119
Restricted funds
Total Funds
2,052,817
69,467 (78,151)
10,784
2,053,119
13 Analysis of net assets between funds
Restricted Unrestrlcted
Total
Fixed Asset Investments
Current assets
Current liabilities
2,025,230
31,069
(3,180)
2,025,230
31,069
(3,180)
Total net assets
2,053,119
2,053,119
16