Charity registration number: SC024273 DAVIDSON (TrIAIRN) CHARITABLE TRUST FINANCL4L SI'ATEMENTS FOR I'HE YLAR ENDED 30 NOVEMBER 2025
DAVIDSON (NAIRN) CHARITABLE TRUST LEGAL AND AJ)MINISTRATIVE INFORMATION Trustees Iain Andrcw Bain William R M Cowie Neil A Campbell Louise Clark Princlpal Offlce R & R Urquhart, Royal Bank gf Scotland Buildings, 20 High Street. NAIRN, IV12 4AX Accountants Frame Kennedy, Chartered A¢countsnts. Metropolit8n House, High Streek Inveiness, IVI I HT B&nkers Royal Bank of Scotland plc, Nairn Branch, 20 High Street, Nairn, IV12 4AY Soll¢ltor$ R & R Urquhart. Royal Bank of Scotland Buildings. 20 High Street, NAIRN, IV12 4AX Investment Managers Barclays Wealth and Investment Management, I l M¢lville Crescen( Edinburgh, EH3 7LU
REPORT BY THE TRUSTEES OF THE DAVIDSON {NAIRN) CHAiUTABLE TRUST The Tjustees pr¢sent their Report and the Financial Ststement8 for the year ended 30 November, 2025. Hlstory) objeetlves 8¢tivities of the Trust The Davidson (Naiml Charitable Tiwt was e8tablished by Deed of Trust by Ian Arthur M8cgregor and otlier5. dated 02 November, 1993 and regibtered in the Books of Cowicil and S&%sion on 27 November. 1995. &n initial capital of approximately £1,000,000 derived from the tate of th¢ dcceascd Mrs. Christina Stephen Davidson, late of Arden, Galcalltray, Croy, by Naim. all in accardance with the tem)s of her Will, as varied by the said Deed of Trust. on which Counsel'5 Opinion was sought in 1994. The Cbaritable Trust whs established on the 2nd day of November, 1995 al providcd th¢ TSteeS power (o apply the fijnds 108ether with such other funds as they may receive, all for ihe benefit ofthe commuoity in thc Di5tTiCt of Nairn. otherwise Nairn DistricL and that by relievin8 povety, sufferin8 and di8iress in that Di5tricL by relievin8 the needs of the elderly ther¢, by as5i5tin8 in the provisions of facilities for recrcation 8nd other leisure-time o¢¢upation ill the interests of social welfare in said District. The Trustees ¢urrcntly invilc upplications froTn those who ¢onsider they fail WL(hin the pardmeters of (he rx)Icntial beneficiaries of the fund 8nd applications ore considercd on their merits, complian¢ with Ihc statcd objects of the Trust. Manigetnent and governance arrAn8ements The Trust De¢d does not provide for a minimum or maximurn of TNslees. Thei'e ale cun'enily 4 Tlustecs and the existing Trustees have poweT by majtsriLy to appoint new Ttustees. Thc question of appoiniment of n¢w Tru8iees 18 re8ularly Considered and rcviewed. The Chainnan of Trustees is responsible for the indu¢Lion of Arty new Trustees, which involves awareness of a TTUStee's rEsponsibilities, ¢he governing document, adrninistraiive procedures, thc hi$tr)ry dnd philosophical Approach of thc Charity. A new Trustee would receive copi¢$ of Ihc previou$ year's Minutes 8nd a copy of the Charity Comtnission leaflet "The Esselltial Trnslee: What You Need to Know" The cknaimi of the Trusiees has held office 88 a Trnstee since th¢ ¢stablishinent of the Trust. The Tn]stees gnnually revlew the risks th8¢ the Charity face8, which have to date maiDly rclatcd to investmcnt anagement and have been covered by a diversifled portfolio management prOMe. The Trust does nat employ any siaff and the Tiusiees &re continually aware of the risks associated with making Grants, in p&rticular in question of fraud dnd, thereft)re, each application requires considerable detail and 18 scnitinised by the TStee5 at Lheir qu&rt¢rly mcctittgs.
Procedures artd pollcy for grant malKIDg The TEUStees nornially meet quartcrly to consider what grants they will make and to review any feedback they have received. Nominations for sraDts are WayS accompanied by a full application form, which spe¢ifically asks applicants to stale how their proposed assistance would benefit the colnmunity in the Distri¢t of Nainj and whether their interlded llse would eOTnply with the objects. The answei's provided are therh reviewed by the Trustees. The Trustees gellerally have a policy which is communiCad to ihe applicant5, that they support one-off grants with no guarant¢¢8 of fvture fiding. The TTUStees always seck feedba¢k on thc acwal use of the grants giv¢n and achievements made and the explanations and feedback received tre suffi¢i¢nt for TnonitOriDg the quality of the grants made. Achlev¢menta And performance of the Thist During the year to 30November 2025 the Trust supported the following.. Dunbar M¢morial 14811 Committee £5,U(K).00 Vision Mechanics £4,2(K),IK) Highlife Highland Sport and Leisure £10,000.00 University of the Highlands and IslandB £1 0,000.00 Nairn Bapti8t Church £IO,O(K).00 Naiim Improvement Community Enierpri3c- Team Hamish £25,000.00 NaiiM & Di8tiict Pipe Band £IO,000.¢X> Nairn Highland Games Committee £5,000.(K) Naiin Hydrotherapy Tnjst £12,994,00 NAirn Book & Aris Festival £6,5(K).(M) All of these were considered by Trustee$ in detail aL)d were felt lo fully occord with the objects of the Tnt. Flnanelal revlew, investment pollcy and reserves The TnLSte&8 have set a policy that the c&pital should be invested in the lower end of thc mediwn to higher risk brkeE following advice from Bartlays Wealth, who manage the portfolio. The income from inve8tinenls for the year was £31,754. The portfolio is split on thc advi¢e of B&rclays Wealth, between equities and cash ag appropriate and th¢ Trustees also hav¢ a policy of maintainin8 a liquid nd 1¢UentlY around £28,171) on Solicitors Speci¥41 Deposit a¢¢outtt al R & R Urquhart, LLP to a]low for payments of smaller grants. There is also a sum of approxitnately £5,649 ID a Business Savings Account with Barclay5. The portfolio management is r¢viewed on a regular basL5 Wlth Barclays We81th and a rcpresentative of Barclays Wealth regul8rly attends TnLStees' meetill8S to update the Trnstec5 aod to review the risk approach. The Tntstees hove declared themselves very satisfied with the level of advice and involvement from Barclays Wealth. The total financial posltion of th¢ Trust at the close of business on 30 Novernber 2025 w&% £1,484,985. Future plans The Trnsiees intend on continlling providing gT2nts in a similar way to recent past. continuing the emphasis on one- off for projects fallitLg within thc objects of tbe Tnut.
St*tement of Trustees, rejponslhllities Charity law requir¢s the Trustees to prtpare financial statements for cach finaDcial year whith show a true a fair view of the state of affairs of the Charity and its financial activities foi. that period. In preparing dLose fu¢1a[ statements, the Trustces are I'equired to.. Select suitAble a¢¢ounting policies and then apply them ¢onsistrntly,' Make judg¢m¢nts and estimates that ar¢ re&%onable and prudent. State wh¢thcr applicable 8c¢ounti])g standards and statelnents of recommendcd practice have beett followed, subject to any departui'es disclosed and explained in the financial siatements,. and PrepsTe the fin8n¢i21 statements on the going concern basis unless it 15 inappropriate to presume that the Charily will continue in operational existcnce The TNstees are responsible for keeping proper Accounting records which disclose reasonable accurdcy at any timc the financial position of the Charity. They are also responsible for safcguarding Ihe a5scts of the Chai'ity 8nd hellce for taking reasonable stew for the prevention and detection of haud and other in'¢gularlti. Independent Examlner The Twslees intcnd to ask th¢ exi8tin8 aecowitanis, Frame Kennedy, to undertake the itependent ¢xamination of the TTUSf in the following year. Si8Ded on behalf of the TNstees Will12m R.M Cowie Tstee Date
Ir4DEPENDEf+rr EXAMINERS REPORT TO THE TRUSTEES OF DAVIDSON (NAIRN) CHARtTABLE TRUST I ieport on the accounts of the charity for the year ended 30 November 2025 which are set out on pages 6 to 10. Respective responsibilities of trustees 8nd examiner Th¢ ¢harity's trustccs are responsiblc for the preparation of the accounts in aceord4mce with the iemis of the Charities and TNstee Investmellt (Scotland) Act 2005 2nd the Charities Accounts (Scotland) Rcgu12tions 2006. The charity tnjstees consider that the audit requirement of Regulation 10(1 ) (d) of the Accounts Regulations does not apply. It is my responsibiliry to examine the accounts as required under section 44(1) (¢1 of the act and to state whether particular matters have come io my attention. Ba$ls of independent exAmlner's statement My examination is carried out in o¢cordance with regulation I l of the chitIeS Ac¢owits (Scotland) Regulations 2006. An examination includes a rcview of the accounting records kept by the charity and a comparison of the ac¢ounts presented with those records. It also includes consideration of any unusual items or disclosures in the Jccounts aT)d seeks expldnations from the trnstees concerning any such matters. Thc procedures undertaken do not provide all the evidence that would be i'equired in an audit, and eollsequently I do not express an audit opinion on the view given by the accounts. Independent exAmlner's statement In the course of my examination, no matter has Come to my attention which gives me reasonabl¢ cause to believe that in any material respeet the requirem¢nts'. to keep accounting re¢ords in accordance with Section 44(1) {a) of the 2005 Act and Rcgulation 4 of the 2006 Accounts Regulations, And to prepare accounls which accord with the accountin8 records and comply with Regulation 9 of the 2(M)6 Accounts Regul&tiOn8 have not been meL or to which, in my opinion, attention should be drawn in order to enabl¢ a proper understanding of the accounls to be reached. UART MCMARTIN B.Sc. FCA FRAME KENNEDY CHARTERED AccoifNTANTS Metropolitan House 31-33 High Street Inverness
DAVIDSOIY INAIRN) CHARtTABLE TRUST INCOME AND EXPENDITURE ACCOUNT (incorporatillg STATEMENT OF FINANCIAL ACTIVITIES) For the year ended 30 November 2025 Unrestricted Unrestricted Tothl tncome Ckpitai Funds Funds Funds 2025 Total Funds 2024 Notes Income •nd èndowments Investment Income Dividend income Bank interest received 31,754 574 31.754 574 43,786 930 Tot41 Income 32.328 32,328 44,716 Expendlture Charitable expendire 8rLnts payable Management and administration 98,694 9,712 98,694 21,633 57,444 21,063 11,921 Total expendlture 108,406 11,921 120,327 78,507 Net IDcomel{eApenditure) And net movement In funds (76,078) (11,921) (87.999) {33,791) Gainsl{Losses) on revaluations and disposals of investtnent assets 131,481 131,481 102,357 Net movement In funds 176,078) 119.560 43,482 68,566 Total funds brought forward at l December 2024 (819.654) 2.261.157 1.441.503 1,372,937 Total funds carrled forward at 30 November 2025 {895,732) 2.380,717 1.484,985 1.441.503
DAVIDSON INAJRN) CHARTTABLE TRUST BALANCE SHEET For the year eDded 30 November 2025 Notes 2025 2024 FIXED ASSETS Investments 1.468,147 1.415,834 CURRENT ASSETS Debtot3 Bank 33,844 45,668 33.844 45,668 CURRENT LIABtLITIES Creditors 17,006 19,999 NET CURRENT ASSETS 16,838 25,669 TOTAL ASSETS LESS LIABILITIES 1,484,985 1,441,503 UNRESTRICTED FUNDS C8Pltal In¢ome 2,380,717 (895,732) 2,261,157 (819,654) 1.484,985 1.441,503 The financial statements were approved by the Ttijst on /l.g.74and signed on its behalf by Ttustee
DAVIDSON INAIRN) CHARITABLE TRUST NOTES TO THE ACCOUNTS General informatlon The charity is registered in Scotland. The address of the registered office is on 20 High Street. Na&rn. IVI 2 4AX. Stgtement of eompllan¢e These financial statements have been prepared in compliance with FRS 102, 'The Ftnancial Reporting Standard applic&blc in tli¢ UK and the Rttpublic of Ireland,, the Statemeni of Recommended Practice applicable w charities prcpAring their accounts in accordance with th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {Charities SORP {FRS 102)) omd the Charities and Trustee Investment {S¢otlandl Act 2005 and the Charity Accounts (Scotland) Regulations 2006 {as amended). ACCOUNTING POLICIES Income Income is accounted for on an accruals basis as far it Is prnd¢iit lo do so. Grgnts payable Grants payable are charged to the income and expenditure account on the basis of the date of approval. BASIS of preparatlon The accounts are prepared under the historic cost convention, with the exception of investments which are stated at valuation. The a¢counts comply with the requirements of the Stat¢m¢ot of Recommended Practice for Aecounting by Charities. Golng Concern There are no material uncertainties about the charity's ability to continue. TAxatlon As a registered charity the Trust is generally exempt from income tax aud capital gains tax but uot from VAT. Lrrecoverable VAT is illcluded in the cost of those itetns which it relates. lllvestments Realised gains 2nd losses are taken to the capital account. Investment income has becn taken into a¢¢oullt on the basis of the due date for payment. Invesrments are stalcd at market value in the balance sheet OJLd any unrealised gains are taken to thc capital account
DAVtDSO]Y (NAIRN) CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONT) ADMITrIISTRATION EXPEP4SES Th¢ administrative expenses incurred during the y¢ar wer¢ Lq follows'.- 2025 2024 Solicitors fees Accountancy fecs Monagement Service Fe¢ 15,188 2.233 4,212 15,408 1,530 4.125 21,633 21,063 INVESTMENTS 2025 2024 Market value a¢ l December 2024 Acquisitions al cosi Disposals at market value Unre81is¢d 88inl(losses) on revaluation Barclays W¢alth deposit account 1.414,059 1,315,919 (74.143) 126,499 1,732 (4,056) 102,196 1,775 1,468,147 1.415.834 CAPITAL 2025 2024 At l December 2023 Management expenses Surplus/(deficit) on investments 2,261,157 (11,921) 131.481 2,171,438 (12,638) 102,357 2.380.717 2.261,157
10- DAVIDSON INAIRN) CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONT) GRANTS AWARDED 2025 2024 Nairn Gaelic Choir Nairn Bowling Club Nairn United RefoLined Church Naim Conununity & Art Centre Parkn Global Liinited Nlim Book and Arts Festival Dunbar Memorial Hall Committee Vision Mechanics Highlife Highland Sport and Leisure University of the HighLands and Islands N&irn Bapiisl Chur¢h N8irn tmprovement Community EnteIse - Team Hamish Nairn & District Pipe Band Naim Highland Games Committee Naim Hydrotherapy Trus¢ 5,000 5.000 10,444 30,000 1,000 6.000 6,500 s,000 4,200 10,000 i 0,000 10,000 25,000 10.000 5,000 12.994 98,694 57,444