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
De￿mber 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 De￿mber 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 fu￿1[ 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 fa￿d 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 serVi￿S 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 reSoUr￿s, including the income and expenditure, of the charity for that period.
In preparing those financial statements, the TNstees are required to
Select suitable a￿UntIng 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 con￿rn 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 Bu￿oW8 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 D￿eMb￿r 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 follo￿ng 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 be￿een 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 prac￿06. 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 be￿een 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 be￿een
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 L￿delI 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 admIn￿trat￿Jn costs
MIS￿11ane0u￿ 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