The TD Paton Trust
{Charily No: SC0438191
Annual Report and Financial Statements
For the Year Ended 28 February 2025

The TD Paton Trust
Annual Report and Financial Statements
for the Year Ended 28 February 2025
Contents
Page
Legal and Administrative Information
Trustees, Report
IndÈpendent Examiner 's Report
Statement of Financial Activities
Balance Sheet
Notes to the Financial Statements
8-13

The TD Paton Trust
Legal and admlnlstrat5ve Informatlon
Truslees
Prlnclpal Addre55
clo Blair Cadell LLP
The Bond House
5 Breadalbane Street
Edinburgh
EH6 5JH
Independent Examiner
MHA
6 St Colme Street
Edinburgh
EH3 6AD
8ank8rs
The Royal Bank of Scotland plc
Edinburgh West End Office
142-144 Princes Street
EdinburBh
EH2 4EQ
Soli¢it¢rs and Se¢retaries
Blair Cadell LLP
The Bond House
5 Breadalbane Street
Edinburgh
EH6 5JH
Investment Managers
Rath+Jones
The Athenaeum
8 Nelson Mandela Place
Glasgow
G2 IBT
Scottlsh Charlty Number
SC043819

The TD Paton Trust
Trustees, Report
For the Year Ended 28 February 2025
The Trustees have pleasure in submitting their Annual Report for the Year Ended 28 February 2025.
Oblectlves
The Trust was established in line with the testamentary wishes of the late Mr Paton. The objectives
of the Trust are to hold the residue of the estate ènd apply the income arising there from in the
proportions the Trustees $0 determlne in thelr sole ludgement for the benefit of animal welfare,
hospice services for children and young people, cancer research and cancer support service5 in any
part of the United Kingdom. The Trust will also benefit wildlife tonseNation and the protection of
endangered specie5 and the environment in arsy part of the world, including the promotion of
Sustainable resources.
Di5tribLttion5 of income shall include but not be exclusive to.. The Dogs Trust (formerly The National
Canine Defence League), The Scottlsh Society for the Preventlon of Cruelty to Animals (Scottish
SPCA). Rachel House Childrens, Hospice Scotland and Cancer Research UK.
Revlew of Actlvltles and Future Developments
During the year the Trustees continued to gather investment income and deposit interest and
applled this Income in making donations in line with the Trust's objectives.
Donations made to other charitable organi5ations totalled £140,00012024.. £39,5001 and are detailed
in note 3 to the financial statements.
Financial InfoTmatlon
The financial position of the Trust is disclosed in the financial statements on pages 6 to 13.
The Trustees confirm that the assets of the Trust disclosed in the Balance Sheet are available to fulfil
any of its obligations and that the finènclal posltlon is satisfactory in view of the Trust's future plans
and commitments.
Re5er¥e5 Pollcy
The Trust has no identified minimum re5eTve requirement, however, in order to be able to meet
commitments as they fall due. the Trustees take into account market volatility and. predicted In¢ome
receipts in determining the reserve funds to be held. The "free" unrestricted general reserves, at the
year end were £1,71212024: £7,885).

The TD Paton Trust
Trustees, Report (continued)
For the Year Ended 28 February 2025
Investment policy and performance
During the year, Rathbones manoged the invested funds of the Trust with the investment aim of
achieving a balance between capital and income growth. The investment objective is to try and offset
the effect of inflation and to generate an income which will be used by the Trust to provide grants to
certain named charities at the Trusts. discretion.
At the year end the portfollo had a market value of £1,302,96312024.. £1,324,961) and cash held at
Brokers on their capital account amounted to £2,39712024: £10.8231. With regard to performance,
the portfolio had a total return after fees of £0.33% in the year to 28 February 2025. Thls compares
to the benchmark whlch returned 0.02% over the same period.
Taxatlon
The Trust is a Scottish charity and is recognised as such by HMRC for taxation purposes. As a result,
there is no liability to taxation on any of its income or gains to the extent that these are applied to its
charitable objects. No tax charge has arisen in the Trust.
Constltutlon
The Trust was tonstituted by a Deed of Trust set up under the Will of the late Mr Paton dated
21 January 2005. The Trust was registered as a Scottish charity with effect from l March 2013.
Organisation and Trustee Appointment
Trustees are appointed and removed by the Board of Trustees in accordance with the Deed of Trust.
The Tru5tee5 meet bi-annually to review the administration and activities of the TrLtst. The Trustees
who held office during the year under review are detailed on page l.

The TD Paton Trust
Trustees, Report (continued)
For the Year Ended 28 February 2025
Trustees Responslbllltles Statement
The Trustees are responsible for preparinE the Trustees, Report and the financial statements in
accordance wlth applicable law and Unlted Kingdom Accounting Standards Iunlted Klngdom
Generally Accepted Accounting Praclicel.
The law applicable to charitie5 in Scotland requires the Trustee5 to prepare financial statements lor
each financiil year which give a true and fair view of the state of affairs of the Trust and of the
Incomlng fesources and applltatlon of resources of the Trust for thai perlod. In preparing these
flnanclal statements, the Trustees are required to..
select suitable accounting policies and then apply them con5iStently
observe the methods and principles in the Charities SORP 2019 IFRS 1021,.
make judgements and estirnates that are reasonèble and prudent,.
state whether applicable accounling Standard have been followed, subject to any material
departures disclosed and explained in the financlal statements,.
prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the Trust will tontinue in operatlon.
The Trustees are responslble for keeplng proper accountlng records that disc105e with reasonable
accuracy at any time the financial posltion of the Trust and enable them to ensure that the financial
statements comply with the charities and Trustee Investment 15cotland) Act 2005. the Charities
Account5 IScot13ndl Regulation5 2006 la5 amended) and the provisions of the Trust Deed. They are
also fespon5ible for 5afeguardlng the 35set5 of the Trust and hence for taking reasonable steps for
the prevention and delection of fraud and other Irregularilles.
9 June 2025

Independent Examiner's Report to the Trustees on the Unaudited
Financial Statements of The TD Paton Trust
I report on the financial statements for the year ended 28 February 2025 set out on pages 6 to 13.
Respective responsibilities of trustees and Independent examlner
The charitvs Trustees are responsible for the prepaiation of the financial statements in accordance
with the terms of the Charities and Trustee Investment (Scotlandl Act 2005 and the Charities
Accounts (Scotlandl Regulators 2006. The charity trustees consider that the audit requirement of
Regulation 10111 {al to Icl of the Accounts Regulations does not apply. It is my responsibility to
examine the financial statements as reqLbired under section 4411) Icl of the Act and to State whether
particular matters have come to my attention.
Basls of Independent examlner's statement
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations.
An examination includes a review of the accounting records kept by the Trust and a tomparlson of
the financial statement5 presented with those records. It also includes consideration of any unusual
Items or dlsclosures In the financlal statements, and seeks explanatlons from the trustees concerning
any such matter5. The procedure5 undertaken do not provide all the evidence that would be
required in an audit, and consequently I do not express an audit opinion on the view given by the
rinancial statements.
Independent examlner's statement
In the course of my examinatlon, no matter has come to my attention-
which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with Section 44111 {al ol the 2LKJ5 Act and
Regulation 4 of the 2006 Accounts Regulations,. and
to prepare financial statements which accord with the accounting records and comply with
Regulation 8 of the 2006 Accounts Regulations,.
have not been met,. or
to whlch, In my opinion, attentlon should be drawn In order to enable a proper
understanding of the financial statements to be reached.
9 June 2025
Independent Examiner
MHA
6 St Colme Street
Edinburgh
EH3 6A0

The TD Paton Trust
Statement of Financ5al Activities
For the Year Ended 28 February 2025
Notes
Revenue
Capital Fund
Fund
lexperidable
lunrestrictedl endowment)
2025
Total
2024
Total
Income from:
Investments
37,881
37,881
38,696
Total Income
37,881
37,881
38,696
Expendlture on:
Roising funds- investment management
fees
Charitable activities
9,813
9,813
149,054
9,373
46,720
149,054
Total expendlture
149,054
9,813
158,867
56,093
Net lexpenditurel before gain5 On
investments
1111,1731
19,8131 1120,9861 117,3971
Net gain5 on investment assets
84.417
84,417
35,603
Net lexpendlturell Income
1111,1731
74.604
136,569
18,206
Trarssfer5 between funds
105,000
1105,0001
Net movement In funds
16,1731
130,396) 136,5691
18,206
Funds at l March 2024
7,885
1,334,148 1,342,033 1,323,827
Funds at 28 February 2025
1.712
1,303,752 1,305,464 1,342,033
The statement of financial activities includes all 8ain5 and1055es in the year.

The T D Paton Trust
Balance Sheet
At 28 February 2025
Notes
2025
2024
Fixed Assets
Investments
1,305,360
1,339,784
Current assèts
Debtors
Cash on deposlt
2.749
43,671
3.471
10,721
46.420
14,192
Liabllitie5: Creditor amount5 fallin8 due within one year
146,3161
17,943
Net current aSsetS
104
6,249
Net asset5
1,305.464
1,342,033
Represented by:
Revenue - unrestritted funds
Capital- endowment funds
1,712
1.303,752
7,885
1,334,148
1.305,464
1,342,033
These financial statements were approved and authorlsed for Issue by the Trustees on 9 June 202S
and signed on their behalf by:

The T D Paton Trust
Notes to the Financial Statements
For the Year Ended 28 February 2025
l Accounting policies
The significant accounting policies applied in the preparation of these financlal statements are
set out below. These Policies have been consistently applied unless otherwise stated.
Busls of prepumtlon and Gssessment uf golng concern
The financial statements are prepared on a going concern basis under the historlcal cost
convention wlth items recognised at COSt or transaction valL*es unless otherwise stated in the
relevant notes to the financial statements. The financial statements are presented in sterling
which Is the functional currency of the Trust and rounded to the nearest £.
The financial statÈments have been prepared in atcordance with the Charities and Trustee
Investment Iscotlandl Act 2005 and the Charities Accounts Iscotlandl Regulations 2006 las
amended), Accounting and Reporting by Charities.. Statement of Recommended Practice
applicable to Charitle5 preparing their account5 in accordance wlth the Flnancial Reporting
St2ndard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019, the
Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and UK
Generally Accepted Accounting Practice.
The T D Paton Trust tonstitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared on a going concern basis. In December 2024,
Trustees agreed to start the process of winding-down the charity over the next couple of years bv
encroaching on capital and making larger donations. Trustees regularly monitor the income
streams and projected expenditure and have concluded that the Trust has adequate resources to
continue in operational existence for & period of at least 12 months from approving the financial
Statements. Therefore, they continue to adopt the golng concern basis of accounting in preparing
the financial statements.
Intome
All income is recognised once the Trust has entitlement to the income, It is probable that the
Income will be received and the amount of income receivable can be measured reliably.
Interest on funds held on deposit is Included when recelvable and the amount can be measured
reliably by the Trust. This is normally upon notification of the interest paid or payable by the
bank. Dividends are recognised once the dividends have been declared and notification has been
received of the dividend due.
Expendlture
Expenditure is recognSsed as soon as there is a legal or constructive obligation committing the
Trust to that expenditure, it is probable that settlement will be required and the amount of the
obligation can be measured reliably. Expenditure is accounted for on an accruals basls and has
been classified under headings that aggregate all costs related to the category.
Expenditure on raising funds include costs associated with generating income for the Trust
through Its investment portfolio. Expenditure on charitable activitie5 includes costs incurred in
delivery of the Trust's objectives. It includes both the direct costs of grant making and those costs
of an indirect nature necessary to support them.
Donations payable are payments made to third parties in the furtherance of the charitable
object5 of the Trust. In the case of an unconditional grant offer thls is accrued once the recipient
has been nolified of the grant award. The notification gives the recipient a reasonable
expectation that they will receive the grant.

The T D Paton Trust
Notes to the Financial Statements
For the Year Ended 28 February 2025
l Actount5ng pollcies {contlnued}
Expenditure (contlnuedj
Support costs are allocated between governance costs and other support costs. Governance
costs comprise those costs involving the public accountability of the Trust and therefore include
the cost of Independent Examination. Other support costs relate to the administration costs of
running the Trust.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Fixed asset investment5
Investments are a form of basic financial instrument and are initially recognised at their
transaction value and subsequently measured at their fair value as at the balance sheet date
using the closing quoted market price. The statement of financial activities includes the net gains
and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instrument5.
The main form of financial risk faced by the TrLSSt is that of volatility in equity markets and
investment market5 due to wider economic condition5, the attitude of investors to Investment
risk. and changes in sentiment concerning equities and within particular sectors or sub sectors.
All gains and losses are taken to the Statement of Financial Activities as they arise. Reali5ed gains
and 1055es on investments are calctslated as the difference between sales proceeds and their
opening carrying value or their purchase value if acquired subsequent to the first day of the
financial year. Unrealised gains and losses are caltulated as the difference between the fair
value at the year end and their carrying value. Realised and unrealised investment gains and
losses are combined in the Statement of Financial Activities.
Debtors
Debtors are measured at their recoverable amount and included when reasonable certalnty
exist5 over their receipt.
Cash
Cash at bank includes cash and highly liquid short term investments with a maturity of three
months or less from the date of opening of the deposit or similar account.
Creditors
Creditors are recognised when the Trust has a present obligation resulting from a past event that
will probably result in the transfer OF funds to a third party and the amount due to settle the
obligation can be measured reliably.
Flnunclol investments
The Trust only ha5 financial assets and financial Ilabllitie5 of a kind that quality as basic financial
instruments.
Basic financial instruments are initially recognised at transaction value and
subsequently measured at their settlement value.

The T D Paton Trust
Notes to the Financial Statements
For the Year Ended 28 February 2025
l Accounting pollcles (contlnuedl
Funds structure
Unrestricted Income funds comprise those funds which the trustees are free to use for any
purpose in furtherance of the charitable objects. Unrestricted funds can include designated
funds where the trustees, at their discretion, have created a fund for a specific purpose.
Endowment funds represent those investment assets which must be held permanently by the
Trust. Income arising on the endowment funds can be used In accordance wlth the objects of the
Trust and is included as unrestricted income. Any capital gains or losses arising on the
investments form part of the fund. Investment management charges and any legal advice
relating to ihe fund are charged against the fund.
Investment Income
2025
2024
Dividends received
Bank interest
37,589
291
38,447
249
37,881
38,696
io

The T D Paton Trust
Notes to the Financial Statements
For the Year Ended 28 February 2025
Charitable activltles
2025
2024
Donation5 payable
The Dog's Trust
Scottish SPCA
CHAS - for Rochel House Children's Hospice
Cancer Research UK
Canir)e Partners
Hw8nge Conservation Soclety
- PDSA
- Renewable World
Animals for Asia
Johrb Muir Trust
Surfers against Sewage
Campalgn to Protect Rural England
St Vincent's Hospice
St Columbas Hospice
Scottish Seabird Cer)tre
Maggie's Centre, Edinburgh
Scotland- The Big Picture
Cat5 Protection
Farm Anim81 Rescue Sanctuary
Royal ZooloElcal Socletv
- The GRAB Trust
R R P B- Ponies at Loch Strathbeg
10,000
10,000
10,000
10,000
10,000
10,000
10,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
4,500
4,500
4,500
4,500
4,500
4,SOO
4,500
1,000
I,(N)o
I,(N)o
1.000
1,000
1,000
5,000
5,000
5,000
5,OCNJ
5,0(N)
5,000
5,000
1,000
1,000
140.000
39.500
Support COSts-
Secretarial fees
Bank charges
Storage costs
Governance costs..
Independent Examiner's fee
Secretarial fees
Professional fees
3,858
225
3,408
130
25
2.298
1,653
1,020
2,196
1,461
9,054
7.220
149,054
46,720
Trustees, remuneratlon
No trustee received any remuneration or was relmbursÈd expenses durlng the current or prior
year.
li

The T D Paton Trust
Notes to the Financial Statements (Continued)
For the Year Ended 28 February 2025
Flxed Asset Investments
2025
2024
Opening market value at l March 2024
Add.. Acquisltion5 at cost
Less- Disposal proceeds
Net gains on revaluation
1,324,961
65,758
1172,1731
84,417
1,299,821
135,075
1145,5381
35,603
1,302.963
1,324,961
Cash held by brokers- capital account
2,397
10,823
Market value at 28 February 2025
1,305,360
1,335,784
Hlstorlcal cost at 28 February 2025
974,315
1,069,856
Debtors
2025
2024
Dividends receivable
2,749
3,471
Credltors: Amounts falling due within one year
2025
2024
Donations payable
Independent Examiner's fees
Secretarial fees
Investment manager's fees
40,000
2,298
2,410
1,608
1,000
2,196
3,111
1,636
46,316
7,943
12

The T D Paton Trust
Notes to the Financial Statements (Continued)
For the Year Ended 28 February 2025
Movemènt In funds
202412025
Atl
March
2024 Income
At28
Feb
2025
Expenditure
Gains Transfers
Income funds:
General unrestricted
7,885
37,881
1149,0541
105,000
1.712
Capltal funds:
Expendable endowment 1,334,148
19,8131
84,417 | 105,0001 1,303,752
Total funds
1.342,033
37,B81
1158,8671
84,417
1,305,464
202312024
Atl
March
2023
At29
Feb
2024
Income
Expenditure
Gains
Transfers
Income funds-
General unrestricted
9,015
38,696
146,720)
6,894
7,885
Capitsl funds.,
Expendable endowment 1,314,812
19,3731
35,603
16,8941 1,334,148
Total funds
1.323,827
38,696
156,0931
35.603
1,342,033
9 Analysls of net assels between funds
Income
Fund
Capital
Fund
2025
Total
Income
Fund
Capital
Fund
2024
Total
Investments
Net curient asSQts
1.30S,360 1,305,360
11.6081
104
1.335,784 1,335,784
11,6361
6,249
1,712
7,885
1,712 1,303,752 1,305,464
7,885 1,334,148 1,342,033
10 Related paities
The firm of Blair Cjdel LLP. of which
and
are partners, receSved ftr.o. of f.S,511 1?.0?4.. f 4,8691 incliJ(Jing VAT in re.sppct of
administration and secretarial services Provided during the year. Creditors at the year end included
£2,41012024'. £3,111) In respect of these fees.
13