The George and Margaret Trotter Charitable Trust REPORT AND ACCOUNTS For the year ended 31 December 2025 36 India Street Edinburgh EH3 6HB Scottish Charity No SC033674
The George and Margaret Trotter Charitable Trust Report and Accounts For the ygar ended 31 Dgcembar 2025 Contents Pag8 No Trustees, Report Independent Examinerfs R8POrt Statement of Flnanclal Actlvrtles Balance Sheet Notes to the Account8
The George and Margaret Trotter Charltable Trust Trustees, Report For the year ended 31 December 2025 Introduction The Trustees present their report and the financial statements of the Charity for the year ended 31 Dember 2025. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the Accounts and comply with the Charity's Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotlandl Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Praoti applicable to ¢harities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102} effective 1 January 2019. Ob ectlves Actlvltles and Grant-makin Polic The purpose of the Trust is to make payments for charitable purposes to Gharttable institutions, societies, foundations or funds as the Trustees in their sole discretion decide. The Trustees hold the funds as specffied in the Deed of Trust. The expression "charitable purposes" means a charitable purpose as defined in Section 7 of the Charities & Trustee Investment (Scotland) Act 2005 and whiGh is also regarded as a charitable purpose in relation to the application of the Taxes Acts. Achievoments and Perfonnance During thè period of these Accounts the Trust8es made grants and other charitable donations to 6 organisations amounting in total to £27,000 (2024 - 9 organisations totalling £25,000}. Further details are contained in Note 4 to the Accounts. Financial Review During the period of these Accounts the Trustees made grants as noted above. The investment income rerkived by the Trust during the year amounted to £28,934 (2024 £28,240). Realised gains on sales of shares were £7,072 and there were unrealised gains of £71,822 (during the previous year there were realised losses of £1,242 and unrealised gains of £246,224 following the investments being revalued). There was a surplus on the General Funds of £854 (2024 - surplus of £2,470) reflecting the level of donations in the year and a surplu5 of £74,946 {2024 surplus of £241,763) on the Capital (designated) Fund reflecting the investment gains noted above. The total value of the trust funds held as at 31 Dember 2025 amounted to £882,087 (2024 £806,287). The Trustees are satisfied that adequate funds were available at the Balance Sheet date to continue to fu1[ the charttable objectives of the Trust.
Investment olic and erfomiance The Trust's investments are included in the designated Capttal Fund. The investment objeGtTve of the Trustees is to achiove an above average income yield together with growth of income over the long term. To implement that objective, Charles Stanley manage the investment portfolio on behalf of the Trustees. The value of the portfolio increased from £784,176 to £844,368 during the period. Risk Mana ement The principal risks fad by the Trust lie in the perfomance of investments and from ineffective grant making. Th& Trustees consider variability of investment retums on the Gapitsl (designated) fund to constrtute the Charity's major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio. The Trustees have directed the investment managers to manage the fttnds with a balance between income and capital growth and a mediumlhigh risk classification. The Trustees consider each application in line wth the Trust's grant making policy. In making decision on whether to support each application the Trustees will consider the information provided and whether this is in line with the grant making policy before deciding to make the grant or not. Reserves Polic The Trustees have chosen to designate the capital funds held by the Trust, being the original capital of the Trust, adjusted annually for income, grants and fees related to capital and for investment gains and losses, to preserve the income generating capactty of the Trust- they have power to apply the capital and the general funds towards the charilable purposes to such an extent as they may from time to time think fit. At the end of the financial year, the Trustees aim to hold approximately one yeavs operating costs in the general fund. The Trustees review all applications for support during the year and make decisions on whether to support applications based on the application and the funds available to distribute. Structure Governance and Mana ement The Charity was established by Deed of Trust granted by Callum Stuart Kennedy dated 2. October 2002. The Trustees who served during the period of these Accounts are noted on Page 3. In appointing Trustees, the Board seeks to maintain a balance of relevant skills and experience. New trustèes receive copies of the Trust Deed, Minutes and Accounts and OSCR'S Guidance. Appointments are not lim(ted in time. The Trustees, who have wide investment powers, meet once a year to review the financial position of the Trust and make decisions on the application of income for charitable purposes. C S Kennedy WS, as Secretary and Treasurer of the Trust, administers the charty on a day to day basis. Charles Stanley manage the investment portfolio on behalf of the Trustees. Details of Transactions with Related Parties Callum Kennedy (Trusteel was until 31st March 2025 a partner in the Fimi of Lindsays LLP on which date he retired in accordance with the terms of the Fimi's Members Agreement. Thereafter he continued as a salaried Consultant to the Firm until 31st July 2025 when he left the Firm's employment. During the period of these Accounts, a fee was paid to Lindsays LLP for the secretarial and administrative support provided to the Trust and the Trustees had entered into the
appropriate written agreement with Lindsays LLP with regard to these serViS in compliance with the tems of S.67 of the Charities and Trustee Investment (Scotland) Act 2025Reference and Administrative Infomation. As from 1st August 2025, the Trustees have entered into a new agreement with Callum Kennedy who will in a private capacity continue to provide the secretarial and administrative support previously provided by Lindsays LLP. Reference and Admlnlstratlve Informatlon Scottish Charity Number.. SC033674 Trustees C S Kennedy WS R W E Thompson SeGretsry and Treasurer C S Kennedy WS Independent Examiner Julian Cordery FCCA, FCA, CA Gibson McKerrell Burrows Limited 28 Rutland Square Edinburgh EH12BW Investment Managers Charles Stanley 2 Multrees Walk Edinburgh EH13DQ Statement of Trustees Res onsibillties The Trustees are responsible for preparing the Report of the Trustees and the fin8nci81 statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Scotland, th8 Charitles and Trust88 Investment (Scotland} Act 2005, Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's constitution requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of reSoUrs, including the income and expenditure, of the charity for that period. In preparing those financial statements, the TNstees are required to Select suitable aUntIng policies and then apply them consistently. Observe the methods and principles in the Chartty SORP., Make judgements and estimates that are reasonable and prudent., State whether applicable accounting standards have been followed, subject to any rnalerial departures disclosed and explained in the financial statements., Prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the tharity will continue in business. The Trustees are responsible for keeping proper accounting reGords which disclose with reasonable accuracy al any tirne the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 las am8nded) and the provisions of the
chartty's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on ..... 2026 and signad on their behalf by.. Kennedy
The George and Margaret Trotter Charitable Trust Independent Examiner's R8port to tha Trustees For the year to 31 December 2025 I report on the Accounts of the Charity for the year ended 31 December 2025 which are set out on pages 6t0 11. Respective responsibilities of trustees and examiner The chartty's trustees are responsible for the preparation of the accounts in accordance with the temis of the Charities and Trustee Investment (SGOtlandl Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1)(c) of the Acl and to state whether partiGular matters have come to my attention. Basis of independent examine s statement My examination was carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a mparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees conceming any such matters. The procedures undertaken do not provide all the eviden that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. Independent examinerfs statement In the course of my examination, no matter has Gome to my attention: (1) which gives me reasonable cause to believe that, in any material respect, the requirements: to keep accounting records in accordan with Section 44<1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations. and to prepare accounts which accord with the accounting rècords and comply with Regulalion 8 of the 2006 Accounts Regulations have not been met, or {2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Julian Cordery FCCA, FCA, CA Gibson McKerrell BuoW8 Limited 28 Rutland Square Edinburgh EH1 2BW 2026
Th• G80rge and Margaret Trotter Charftable Tru¥t Ststsmont of Flnanclal Activttlès Includlng Income and Expendlture Account For pgriod ended 31 DeMbr 2025 General D881grtat8d Total fund5 2025 2025 2025 2024 R95tated Ineoma from: Investment inrA)m8 28,934 28,934 28,240 rotsl Income 28.934 28,934 28,240 Ex ndlture on.. Roi5ing funds- Man8gement fees Charitable Actwities 2.388 2.388 29,640 1,164 27.805 28,080 Total exp8nditu 28,080 3,948 32,028 28,989 N•t incomèllèxpenditurèl and nèt rnovement in funds before gains and losses on investments 854 {3,9481 13.0941 17491 other reco nised ainsl losses Realised gainslllossesl on disposal of Investrn6nts Unrèali5ed gain51llossasl on investrn8nts 7,072 71.822 7.072 71.822 11,2421 246,224 78,894 78.894 244,982 Net movement In fun 854 74.946 75.800 244.233 Total funds brought forward 11,410 794.877 806,287 562,054 Total lunds carrfed forward 12.264 869,823 882.087 806,287 No trust activities were acquired or discontinued during either ol the two years. The Notes on Pages 8 to 11 lomi part ofth6s8 Flnancial Statomants.
The George and Margaret Trotter Charitsble Trust Balance Sheet As at 31 DeGember 2025 Totsl funds Tolal fvnd6 2025 2026 Restated Fixed assets Investments 844,368 784,176 Current assets Debtors - accrued income Cash h81d by Charles Stanley Cash held by Coutts 2,161 28,893 8,825 2,219 11,441 8,651 39,879 22,311 Credltors.. Arnounts fallin one due wlthln Accruals 12.160) {200) Net current a88ets 37.719 22.111 Nèt assets 882,087 806,287 Total Chari Funds Unrestricted funds 882,087 806,287 Approved by the Trustees on behalf by C S Kennedy, WS r4 Jol 2026 and signed on their The Notes on Pages 8 to 11 form part of these Financial Statements.
The George and Margaret Trotter Charltable Trust Notes to the AcGounts For year ended 31 December 2025 Prlncl al Accountln Pollcles lal Basls of prgparatlon and assessment of golng concem The accounts (financial stalementsl have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise staled in the relevant note to these accounts and in 8c¢ordan¢& with the Slatemenl of Recommended Pr8¢ti¢e'. Accounting and Reporting by Charities preparing their accounts in ac¢ordan¢e with the Flnancial Reporting Standard appllcable In the UK and Republlc of Ireland {FRS1021 {Second edition October 20191, the Charities and Trustee Investment (Scollandl Act 2005 and the Charities Accounts {Scollandl Regulation5 2006 (as amended). The Trust constllutes a publlc benefit entity as defined by FRS102. Th8 Trust88s conslder thère are no material uncertainties about the Trust's ablllty lo continue as a going concern. Ib) Flnanclal reportlng Standard 102- reduced db8cIo8ure exemptlon8 The charity has taken advantage of the follong disclosure exemptlon in preparing these accounts, a8 permitted by the Flnanclal Reportlng Standard appllcable In the Unlted Kingdom and Republic of Ireland IFRS102)'. the requirements of Sectlon 7 Statement of Cash Flows Ic} Funds Structuro All of the Charfty'5 funds are unrestricted., the Trustees have chosen to designate the capital funds of the charity to more clearly identify the income available for distribution. Al of the Chanty's funds are available to be used In further8nc8 of the charltabl8 oblecls. Idl Income Recognltlon All Income is recognlsed once the charity has entitlement to the income, it Is probable that the income will be received and the amount of Income recelvable c8n be measured rellably. Interest on funds held on deposit is Included when receivable and the amount can be measured reliably by the charity,. this 1$ normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and nollflcallon has been recelved of the dfvldend due. {el Expondltur• roeognltlon Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligation committing the charity to that expenditure, il is probable that settlement will be required and the amount of the obligation can be measured reliably. All expendllure Is accounted for on an accruals basis. All expenses includlng support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note li} below. Grants payable are payments made to third parties In the furtherance of the charitable oblects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award., the notification gives the recipient a reasonable expetttation that they will receNe a grant. Grant awards that are subject lo the recipient fulfilling wndits'ons are only accrued when the recipient ha5 been notified of the grant and any remaining unfulfilled condition attaching to that grant 15 outside of the wntrol of the Trust
Provisions for grants are made when the intention to make a grant has been cornmunicated lo the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable. Irrncoverablo VAT Irrecoverable VAT is charged against the expenditure headlng for which It was incurred. Igl Costs of raising funds The costs of raising funds consist of investment management costs. Ihl Charltable actlvltlos Costs of charitable activities include grants made, support and governance costs as shown in note 4. Support and governance costs Support costs have been allocated beeen governance costs and other 8UPPOrt costs. Govemance costs Gomprise all costs involving the public accountability of the charity and its compliance wlth regulation and good prac06. These costs include costs related to independent examination and an apportionment of overhead and support costs. Governance costs and support costs relating to charitable acllvilies have been apportioned behveen funds based on an estimate by the Trustee. The allocation of support and gov8mance costs is analysed in note 4. If) Flxed asset Investments Investments are a form of basic finanGial instrurnenl and are initially reGogni5ed at thelr transaction value and subsequently measured al their fair value as at the balance sheet date using the closing quoted market PTlCe. The statement cf financial activities includes the nel gains and losses arislng on revaluallon and dlsposals throughout the year. The Trust does not acquire pul options, d8riV8tlves or other complex financi81 instruments. The main form of fi'nancial rtsk faced by the charity Is that of volatility In equity markets and Investment markets due to wlder economic conditions, the attitude of investors lo investment risk, and changes in sentiment concerning equities and withln particular sectors or sub sectors. Ikl Reallsgd galn8 and1086e8 All gains and losses are taken to the Statement of Financial Activities as they 8riS8. Realised gains and losses on investments are calculated a5 the difference beeen sales proceeds and their opening carying value OT their purchase value if acquired subsequent lo the first day of the financial y8ar. Unrealised gains and losses are calculated as the difference beeen the falr value at the year end and thelr carrylng value. Cash and Cash oqulvalonts Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-lerm highly liquid investments that mature in no more than three months from the date of acquisillon and that are readily convertible to known amounts of cash with insignlflcant risk of change In value.
Tru5teo5 and Em The Trust h85 no employees gnd none of the Trustee5 received any rernunelation, nor were 8ny expen8es reimbursed to any of them, durfng the Current or previous year. Investment Income Gemral Deslgnatsd Totsl funds R88tatsd 2025 2025 2025 2024 UK Investmvnts- Li5tsd Interest 28,648 28,648 286 27,667 573 28,934 28,934 28.240 Ex endlture on charitable actlvltles Grant makin The Charfty dld not undertake any (knarftsb acuvtydlrth but mgt it5 charitablg purtWOS through gmnt-maklng. Duriny Ihoyoar grani$ and charftabb donglions wwr8 mad8 byth8 Trus1985 lo th8 followTyJ orggni5atKin5". General De5ignaled Total fund5 Restated 2025 2025 2025 2024 Caring In CraigmilL8r Edtnburgh Dog & Cal Home Eric LdelI Community Lif8Care Edinburgh st Colutnba's Hospi C4re Vintage Vibes Royal Botanic G4Rlen Edinburgh (Palrn Hou8e RestcratK*n Appeal) Age Scotland 8ig Heart5 CommunltyTrusl British WIRless forthe Bllnd erooka H05pilal for Anirnals C8r8 & R&p8ir Edinburgh Hearing Dogs forDeaf People Thorapet-canino CoD¢grn ScoUaThl Trust 4,500 4,500 4.500 4.500 4.500 4.500 4,5(h) 4,500 4,500 4,500 4,500 4,500 2500 5,000 2,500 2,500 2.500 2,500 2.500 2.500 2.500 27.000 27,000 25,000 ort Costs S8cr8tarial and admIntratJn costs MIS11ane0u expenses Accounting fe88 962 480 540 270 270 270 750 1,020 1.442 Governance Costs Indep8nd8nl oxamination Legal fees 810 810 1.620 400 963 810 81D 1.620 1.363 28,080 29.640 27.805 10
In Restatsd 2024 2025 Investments at market value As at 1 Janaury 2025 Additions in period Disposals In period Unrealised gainslllosses} during year 784,176 18,078 {29,7081 71,822 416,595 148,027 126,670) 246,224 As at 31 Dècèmbér 2025 &44,368 7&4,176 All investments were held in th8 UK. Shareholdings accounting for morè than 5% are 83 follow8:_ Market Value Market Value 2025 2024 202512024 Number 5,000 All8ncg Wtsn pl¢ 16,000 Pol8rTechnology Tru51 64,100 74,240 62,200 55,760 Rglatgd transactions Callum Kennedy ITrustee} was until 31st March 2025 8 P8rtner In the Flrm of Llndsays LLP on which dale he retired in accordance with th& terms of the Firm's Members A9re8m&nt. Th818after h8 cc>ntinu8d as 8 salaried Consultant lo the Firm until 31st July 2025 when he left the Firm's employment. During the period of these Accounts. a fee was paid to Lindsays LLP for the secretarial and administrativé support provided to the Trust and the Trustees had entered into the appropriate written agreement with ndSayS LLP with regard to these seNices in compliance th& tems of S.67 of the Ch8TitStss and Trustee Investment IScotTand) Act 2025. A8 from 1° August 2025,Ihe Trustees have entered into a new agreement with Callum Kennedy who wtll in a private eApacity continue lo prowde the secrelartal and administratwe 8UPPOrt previousty provided by Lindsays LLP. Anal Ss of charltable funds Analys18 of Fund Movèmènts Balan¢e Income Expenditure Galns and loss Fund cff 2025 General Designated 11,410 794.877 28,934 128,080) 13,948) 12,264 869,823 78.894 808,287 28.934 132.028) 78.894 882,087 Analys18 of Fund Movements 2024 R•ststsd Balance blf Income Expendlture Galns and 10¥¥9$ Fund ¢lf General Designated 8,940 553,114 28.240 125,7701 (3.219} 11,410 794.877 244.982 562,054 28.240 128,989} 244,982 8(K.287 11