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¢ T￿SteeS 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 prO￿￿￿Me. 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 T￿Stee5 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 communiCa￿d to ihe applicant5, that they support one-off grants with no
guarant¢¢8 of fvture fi￿ding. 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 Tn￿t.
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
br￿keE 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¢U￿entlY 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 it￿ependent ¢xamination of
the TTUSf in the following year.
Si8Ded on behalf of the TNstees
Will12m R.M Cowie
T￿stee
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 ch￿itIeS 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 expendi￿re
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 Ente￿Ise
- 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