The Trust was founded in 1975 in memory of Rollo Davidson, an accomplished mathematician of remarkable potential, and Fellow-elect of Churchill College, Cambridge, who died on the Piz Bernina in 1970. Rollo's obituary can be found here. Initial funding from the Trust came from the royalties of two collections of papers published in 1973/74 by friends and colleagues of Rollo, and it has benefited from the continuing association with the Davidson family.
The Trust awards an annual Prize for young probabilists, and an annual prize for master's students.