Charlty registratlon number: SC024273 DAVIDSON (NAIRTrI) CHARITABLE TRUST FINANCIAL STATEiVIENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 DAVIDSON (NAIRLY) CHARITABLL TRUST I,F.GAT, AND ADMINISTRATtVF. TNFORMATIOIY Trustees Principal Office R & R Urqllhart, Roydl Bank of Scotland Buildings, 20 lligh StreeL NAI]iN. tv12 4AX Aeenllntants r.rame Kennedy, ChartCTcd Accountants, Metropolithn House, EIigb Strccl, lllverness IVI Iirr Bankers Royal Bank uf Scotland plc. Nairn Branch, 20 High StsccL Nairn, IV12 4AY SolicitTrrs R & R UrquhArL Royal Bank of S¢otland Buildings, 20 Higb str￿ NAIRN, IVI 2 4AX Investment Managers Barelays Wealth and Investrrtent MallagemenL I l Melville CrescenL Edinburgh. EH3 7LU REPORT BY THE TRUSTEES OF THE DAVIDSOFI (LNATRN) CIi4RITABtI TRUST The Trustees present thcir Rcport and th¢ Fittanciai Statements forthe yeAY ended 30 Novernber, 2024. History. obléetives and Activitiet• of thÈ Trust The Davi(L81>Tr 0￿￿1[￿) Charitablc Tnjst w&s established by Dccd orTn￿l by Arthur Macgr¢gor And othcrs, daied 02 Nov¢mbcr, 1995 aLd rcgistei'ed sn the BDoks of Council and S¢ssion on 27 Nevember. 1995, with 21] jllltial capital of approximately £l,CK)O,OW derived from thc csiate of the deceased Mrs. Cbrisliiia Stephen Davidson, late of Arden, Galeantray, Croy, by Nairn, all in accordanLe with the tern￿ of her Will. as varied by thc said Deed of T￿St. oll which CouLseI's Opinion was soughi in 1994. Thr Cbarilable Trust was &stabliskcd ott the 2 day of Novetnber, 1995 and providcd the Trustee8 power to apply thc fiinds tog¢ther with Such otkncr *i￿d$ #s they may receive, all for the benefit of the ￿MMunity in the District of Nairn, otherwi%e Nairn Di$irict, and that by relieving poverty, suffering and distress in thai Fjistrict, by relieving th¢ needs of the elderly there. by assisLinK in the provisions of fa¢JSiu¢s for recrgation atLd othci leisut¢-timc occupation in Ihe inLercsL% of social welfare in bald Di5tiiGt. The Trustets c￿￿¢ntlY invit¢ Applicalions from those who consider Ihey talÉ within the parÉmeters of the ]K)teniial benefic12ria% of the fund atxl applications are considered on tILeir merits, ¢ompli8nt with Ihe stated UbJec￿ ol ihe TLWt. MartAgement and govern8n¢e arrnngements The Trust Iked does not provide for a mirti]nwn or maxinum of TTUSt¢e$. There are LU￿¢ntlY 4 Tntstees and the exisung TtU8te¢s have power by rjthjority to appoint new Trustees. The question of appointment of new Tn￿CeS 15 regulorly considered atta reva¢wed. The Chainnan of Ttusice8 is iesponsible for the induction of any new Ti￿t￿5, wbich involves a￿￿enesS of a linstee's rcspotL5ibiliti¢s. the g0ven￿ng do¢umeii( 2dn)iListrativc procedu￿5 the history and phi1050phital Ipproach of the Charity. A new Trnstee would receiv¢ copies of tbe previous year's Minutes and a ¢opy of the Charity Commission leaflei"The E￿entIal Trustee". What You Need lo Know" The Chairffian of tl1¢ Tn]stees has held otTi¢e as a Trllsiee since the estsbli%h]nent of thc Trust. Thc TTh￿te¢S atu]ually r¢view the risks that th¢ CIAarity faces, which have to datc Tnainly relaied to investtllenl mAnagement Lnd have been covered by a diversified portfolio maDa&Ten]ellt pro8ramme. The Trnst do&% nol employ atty siaff and the Trustees L{)nt￿lIa￿Y aware olihe Ti4k.s avided ar¢ then revieivtyj by th¢ Trus￿¢5. The Tru5kGb gcncially ha￿¢ a policy which 15 Gorninullicated to the applicants, tjiat diey supporL one-on-£yants wit]1 no guarantCC8 01. future timding. The Trnstce$ always sc¢k feedback th¢ tt¢tual use of the grants giv¢n and ebi¢vemenls made aud the explanations and feedback received are Sufficient for monitoring tbe quality of the grants made. Achiew¢N¢tht$ p¢rform?DCC of the Trust During the year to 3UNovember 2024 Ihe Trust suworled the following.. Nairn fjaelic Cboir £5.(M)O.00 Nairn Bowling Club £5,(W. Nairn United Refortn&J Church LIO,444.OU Nairn Community & Arts C¢ntr¢ £30,000.00 PaTkrnn GloEAI Limited £i,i)00.00 Naim Book & Arts Festival £6,Olh). AU of these wer¢ considered by the TNstees in detsil and were feltto fulty ac￿rdWIth the objects of the Tw%t. Flnanclai revlew. InvestttL¢llt policy and reserves 'I'he 'I'n￿tte$ have set a policy Ihal the capital should be invested in the low¢r cnd ot th¢ medium to higbcr risk brackeL followin8 advice from Barc12ys Wttalt￿ who mAnage the portfolio. The income from investments for th¢ year was £43,786. The portfolio is split on the advice of Barclays Wealih, between equilieb aDd ¢ash as appioprisie and the TnJstee$ 21$0 have 2 ])oli¢y of mainiaining a liquid fi￿d {cun'endy around £40,092) on Soliciiors Special Dcpn%it account at R & R Urquhart. l.l.P to allow for paytnents of Smaller grants. There is also a SLIM of approxiruatcly £5,576 inaBus1￿C￿￿ SaviD8S Account with Barclays. The portfolio rnanagemeLt is reviewed oll a regular balis ￿ryth B2relays Wellth and a Tepre5elltative of B4r¢lays Wealth TegiJlHrly Tnislees, meettn8S to update ihe Trustees and to review the risk approach. The Tt￿gteeS have d￿lared themselves very Satisfied with tlie levcl of advice and involvement from Barclays Wealth. The tothl financiat wsiuon ofthe Ttust ¥t th¢ r105¢ 0lbu51t￿5 30 Nove￿ber 2024 was £1.44L.503. Future plans Thc Tru5tC&5 ititctsd on ci)iitinuiii8 1)rovidiiig graiits in a siinilar way to recent past. cotJlittllill8 Lbtt ¢Jnphasi5 OJJ one- off gTrnts for projcrts fallillg within the objects of the Trnst. StY4temellt of Trust¢ts' respoMslbllltl¢s Charity law requsres the Tnjstees to pI¢pare fmancial sia(ements for each fmancid year which 8lk)Iv a tt￿c a tair vi•h' of the stste thl. afTairs of the Charity aT)d its tinaJci&l activities for that pcriod. Jn preparing those f]nan¢ial sratcmthts. ￿le Trnsiees are required to.. Select suitAbl¢ aceouttting ￿li¢L¢S atyd then apply thcn) con5iSteLItIy' Make judgements and egtimates that are reasonable prudenl., Stale wheiber applicable accounting sw)dards and ststements of rccommcnded praGti¢e have been folluw¢d, subjeci lo any departurcs disLloscd alld explained iti tti¢ fillartcial statcrncnt5,' aud Prcparc the fillancial ststcmcnts on the goiTJg concem basis unicss il 1$ itiapproptiate to presume that the Charity will eontittue in op¢ratson8] existenee The Trustees are responsible for keeping pruper atwiinting recorth which disclose with rt&sonablc accuracy at any tiyne the f￿anCial ￿￿ttl￿n of the a￿lty. Th¢y arc also responsiblc foi safcgllarding the assets olth¢ Charity aDd hetLC¢ for rAkin8 reasonable st￿$ IOT ¢he prevention and dctcctioll of fraud and oth¢¥ int8ulatities. Indepcndent Examiner The Trustees inl¢nd lo >Jsk the existing accourttartts, Franle Keniiedy, to undertake the indcpcDdenl examination of the Ttust in the following year_ INDEPENDENT E￿4M￿NERs REPORI. TO THE TRUSTEES OF DAVIDSON (NAIRN) CHAIUTABLE TRUST I report on the accounts of tbe chaLity for the year ended 30 November 2024 which are set out oll pages 6 to 10. Respectlwe responsihilities (bf trnstees and ex*mlner The chaTity'8 trustee8 ate responsible 'for the prcparalion of th¥ accounLs in accoi'dance with thc tem)s of the ChaTitifb and Trustee Investment (Scotland) Aci 2(N)5 and thr Charitics Accou]its (Scotland) Regulatinn8 2006. The charity twstes consider that the audit requsr¢m¢nl of Regulation l 01 l) Id) of the Accounts Regulations does not apply. It Ib Iny iesponsibility to exatnin¢ the deLollnts as requircd undcr scction 44{1) {c) of the act and io stat¢ whether particular matt¢is have come to my attentic>n. Basis of Independent examiner's stotem¢nt My exatnin<ion is Ldrritd out in accordancc wAth rcgulktion I l of thc Charities Accounts (Scotland) Reguldlions 2006. AD ex4llninatian includ¢s a rcvi¢w of thc accollntlJlB records kept by th¢ Charity and a comparison of the Accounts presented with those rcc4rds. It also illcludcs considcrdtioll of any unL8ual items or disclosures iu the aLcounis and seeks explanations from the ttustePiDiOYJ on the view given by d]e 2eeounls. Indtpendent examiner's $tstcmcnt In the course of my examination. no maÉteT has come to my attention which give5 me reasonable ¢ause to believe that in any matei'ial respe¢t the requirements.. to keep a¢countin8 records in a¢¢ordallee with Sec(ion 44(1) (2) of the 2005 Act and Regulatt"on 4 of the 2006 AecoLllts Regulation% to prepaTC accounts which accord with thc accouoting r¢cDrds and comply WAth Regulation 9 of the 2006 Accounts Regulations have not been met, or lo which, in my opininn, &ttLiilion should be drdwn in order to enable a proper uz]derstaAding of the I.'RANIE. KENNEDY LHARTL.1lL.￿ ACCOUF41'AN'I'S Metropolitsn Hous¢ 31-33 High Street Inverne&s DAVIDSON (NAIR￿) CHARITABLE TRUSI, INCOME AND F.XPF..YDITURE ACCOUNT (incorporating STATEMENT OF FtNAliCJAL AC.TJVITIES) For the year ended 30 November 2024 Unrestricted Unre.%trictrd Income Capitsi Funds Funds Toral Funds 2024 Total Funds 2023 Notes Income and endowments Investment income l)ividend incomc Bank interest rcctived 43,786 930 43,786 930 40,485 585 Total income 44,716 44,716 41,070 Lxpendithre Charitable expenditure - grants payablc Managemenl and administr&tiOn 57,444 8,425 57,444 21,063 21,333 20,569 12,638 Total expenditure 65,869 12,638 78,507 41,902 Net ineomel(expenditure) and net movement in funds (21,153) (12.638) {33.791) (832) (iainsl(LossGs) on rcvaluations and disposals of inv&stmenL &isels 102,357 102,357 16,800 Net movemellt In fund¥ {21,153) 89,719 68,506 15,968 Total funds broughl forwgrd at l DeceJDb¢r 2023 (798,501) 2,171,438 1 J72.937 1.356.969 Total funds earried ftsnY#rd at 30 November 2024 {819,654) 2,261.157 1.441.503 1.372.937 DAVIDSON ONAIRN) CHARITABLE TRUST BALANCE SHEET For the year ended 30 November 2024 Notes 2024 2023 FJXED ASSETS Invesmienrs 1,415,834 1.317.559 CURRENT ASSETS Debtors Bank 45,668 73,664 45,668 73,064 CURRENf LIABILrrIES Creditors 19,999 18,286 NET CURKLNT ASSETS 25,669 55.378 TOTAL ASSETS LESS LIABILrriES 1,441,503 1,372.937 UNRESTIUC'IID FUND&• Capital Income 2.261.157 (819,6.54) 2.171,438 {798,501) 1,441.503 1,372,937 The fiD8Jicial staÈtnerLts were aDDroved bv the Tn]st on 14. 0&.10￿ and signcd on its behalf by DAVIDSOIN (NAIRN) CHARITABLL I'RUST NOTES TO THF, ACCOUNTS General infDrJnation The charity is registered in Scotland. The addre88 of the registered offic¢ is on 20 High street, N3irn, IV12 4AX. Statement (bf eompliante These financial statements have been prepared in compliance with FRS 102, The Financial Reponing Standard applicable in thc UK alld the Rcpublic of Lreland,. the StatCTllcnt of Recornrnended Practice applicable to charities preparing their accounL8 in aecc)rdance with the Financial Rcporting Standard applicable in the UK and Rcpublic of Ireland IFRS 102) (Charities SORI, IFRS 1021) and the Charities and Trustee Investment (Scotland) Act 200) and the Cha]ity Accounts (Scotland) Regulations 2006 (&8 amended). ACCOUNTtNG POLJCIES Income In¢om¢ is accounted for on an accruats basis as far as It is prndentto do so. Crants payable Gr￿ts pllyabl¢ ar¢ chargcd to thc incomc and expcnditurc account on the b&sis of thc datc of approval. Basis of preparation The accounts ￿'e prepared under the historic cost convention, with th¢ ¢x¢option Of investments which are Stated at valuation. The accounts ¢omply with the requirements of the Statement of Recomtnended Practice forAccounting by CIHities. Going concern There are no material uncertainties about the charity's ability to continue. Taxatlon As a regstered charity the Trngt ig generally exeTnpt frcjm irjcome tax and capital gains tAx but not from VAT. lrnverable VAT Is included in the cost of those ltell￿ to which it relates. Illvestments Realised gains and losses are taken tn rhe capital accouni. Investment incomc has beth (aken into account on ihe basis of thc duc datc for paymcnt. Invcsunents arc stated ai market valuc in thc balancc shcet and dny unredlised gains are taken to the capit￿[ accournt DAVIDSON UYAIRN) CHARrrABLE TRUST NOTES TO THE ACCOUPUS (corffj ADMILYISTRATiof4 EXPENSES 1.he administrative expcnses incllrred dllrino tbe year wcrc &s follows:. 2024 2023 Solieitors feeg AccOunt￿cY fees MatMgem¢nt Service Fee 15,408 1,530 4,125 15,206 1,530 3,833 21,063 20,569 2024 2023 Markct valuc at l D¢ceJ)thcr 2023 Acquisitions at C06t Disposals at niark¢t value Unrealised g8inl(lossesl revaluation Barclays Wealth dewsit account 1,315,919 1,302,783 (4,056) 102,196 1.775 12,334) 15,470 1,640 1,415,834 1,317,559 CAPITAL 2024 2023 At l Decemhcr 2023 Mknagement expenses Surplu&l{deficit) on investments 2.171,438 (12,638) 102.357 2.166,477 (11,839) 16,800 2,261,157 2,171,438 io- DAVIDSON (NAtRN) CHARITABLE TRUST NOITS TO THF. ACCOUNTS {CONT) C.RANTS AWARDLD 2Q24 2023 PBC Foundations (UK) Si. Ninian Bowling Club Nuin] Ans Societv Listen Well Scotland Nairn Book and Arts Festival Naim Gaelic c.hoir Nairn B()wling Club Nairn United Refomied ChurLh Nairn C.oinniunity 6£ Art Centre parkn￿ Global Limited 333 5,000 5,000 5,000 6,000 6,(K)O 5,000 10,444 30.000 I,ooo 57,444 21.333