THE HECTOR GORDON RUSSELL TRUST Accounts Foi. the year end¢d 31 st De¢einber 2024 HENDERSON & COMPANY 73 Uhh)n Strtet GreenoLk FA16 81
c"foR GORDON RUSSELL TRiIST (Charity R¥ferenLe NuiDbei' SC000679) ACCOUNTS FOR YEAR FNDFD 31ST DECEMBF,R 2024 TRUSTF.F.S OFFICE ADDRESS BAIYKbRS Royal Bank of SLoiland, Gr¢cnock SOLicrroRS Neill Clerk & Murr&y 3 ATd&yowan square. cIenock INDEPENDENT EXAMINER
RLPORT OF THE TRUSIEES OF THE F,C.TOR C.ORnON RUSSELL TIIUST F()R TIIJ., YLAII LNDLD 31ST DECEMBER 2024 Thc Trii.steo8 arc plcascd to pi'escnt their Repoyt and the Accounts ofthe Hector GoiVn Russell Trust foi thr ycar ¢ndcd 31 st Deceinber 2024. I'hr 'l'riist M'a.$ set 111) l)y a '] I'iist Dccd ok the late Hcctoi. CJordon Riigqell r)n 6th Jiiiie l 97? 2nd the Triistee4 appointed by hiin i¥¢r Tli¢ piiriio.se of'rlTre TrLI.£t i.s tn make pa¢ntS of the wliolc or any Pilrt of the fre£ iiiconie, after pi'oviding foi. expcns¢s of'adminisfration. to such choritable iiistitutions, societies or Causes as the Triistee5 in ihvir abwlulc di5¢r¢tion sclect. Thc Capit&[ of the Trubl, in¢liiding gain5 01) Kealisatiuii ofinves(Ineiils, is iiol distribuid. aiid a pix)portion of r¢v¢nue has been retained over the year5 to meel ex¢'¢plioiJally large or IneYitnri()us appeal, or unforowTh circumsthnces. It is not the practice of th¢ Tiiistees to Inake cli8rital)le donation5 in IY5POllSC to writtcn applications. TILe inLDnie of the yeai- consisted entircly of luwm¢ from Invcstmcnts and Btti)k Inter¢5t and amounted io 19,600.27 Paymenls diiring ilJ# year wcrc Donalioiis lo Cliarilal)le nrgaiiisatlolLS Administration Costs 12,375.00 4,261.42 16,636.42 tlie iiiLume exceeding th¢ paym¢iits nf dic year by Adding the halance of Revenue, brought foLivard 2,903.85 28,020.63 the balance of Revenue carried forward is 30,984.48 Th¢ Capital of thc-l'rust at th¢ Ixginning of th¢ year amounted to And to this 15 addcd thc gain on sale of investsn¢nt 377,040.92 6.451.83 383,492.75 The total fwids of the Trust, with the iiivestmeiits valued at cosl, therefore con.8isl of Rcv¢nuc of £3U,984.48 And Capital of £383.492.75 and amount to £414,477.23. If thr inv¢stmciits ar¢ valued al market value on 3 1st Dec¢mber 2024, the lotsl funds amount lo £583,388. Signed on behalf of all ofthe charity Trnstees and approv¢d by Iliciii 30th Apiil 2025
'rHlI }IEI CTOR GORDON Russfi LL TRUST RECEIPTS AND PAYMENTS ACCOUNT FOR YEAR ENDED 31ST DECFMBER 2024 Note 2024 2023 RECEIPTS Iiicome froin Inveslinei)ts Proceeds of Sale of Ii)vestment 19,600.27 49,254.38 18,356 68,854.65 18,356 PAYMENTS Donations to Charitable Organisations 12,375.00 12.125 Governanc¢ Costs.. Adihinislration and Accouiitancy Iiidepeiident Exaininerfs Fee Stockbrokers Managetncnt Charge 2,400.00 200.00 1,661.42 2.400 200 J,634 4,261.42 1,548.00 4,234 Cost of Investment Purchased 18,184.42 16,359 Excess of Receipts over Payments 50,670.23 1,997
'I'HE HECTOR GORDON RUSSELL TRUST SI'ATbNILN'I' or BALANCES AS A'l. Jll>'l' DTr LLMBLR 2024 Notc 2024 2023 CASII IN BA)iK AP*'D ON HAND Upcniiig Boluiic¥, coiisisting ot Cash in Baiik Cash h¢ld by Sio¢kbrokth5 8.868.70 105 $8 6.583 395 8,974.i8 50,670.23 0,978 1.997 Add: Rxcess of Receipts over Payments 59,644.81 8,975 Closiiig Balance at J 1st Decenjbei. 2024- Ca81I iii Elank Casli held by Siockbrokers 9,663.17 49,981.64 59,644.81 8,975 tNVESTIIqEwrs At Cost 384.832.42 396,087 414.477.23 405,062 Reiireseiited by.. Revenue Capital 30,964.48 383,492.75 2¥,(P21 377,041 414,477.2J 405,(P62 Signed on behalf of all ihtt Cliarity Tru51ees xiid appioi'ed by tliein an _IOth April 2025
THE HECTOR GORDON RUSSEI LL TRUST NOTES TO TIIE ACCOUNTS I. ACCOUNTING POLICIES (a) The accounts have been pi'epared iii aGcordan¢e with the Cliai'ities aiid Trustee liivesfinent (Scotlai)d) Act 2005 and the Charities Ac¢ounls (Scotlaiid) Regulations 2006. (b) Income is credited when i'cceived and expendiluye charged wlien paid. unless the omission of any item of accrued in¥um¢ oi. acc1cd expenditiii'e would rcsult in a matci'ial distortion of a true aiid fail. view of the slat¢ of affairs or of th¢ surplus or defiLiI lor Ihe yeai.. (c) Incoinc froin InvestineAt5 is reeeived gross. (d) AdminiStlive costs are iiot acci'iied bul al'e debited whcn paid. 2. SALE OF INVESTMENT Pioceeds Of Redemption Of £12,750 Ti'easuiy 21/2ts/D Index Linked Stock 2026 Cost Gain on Redemption 49,254.38 42 802.55 6,451.83 INCOME FROM INVESTMEf+Trs Abrdn plc 1,662 Ordinary Shar¢s 30.04.24 24.09.24 121.33 121.33 242.66 AbTdn UK Smaller Compajhies Growth Tru&t plc 5,350 Ordinary Shar¢s 25p 12.04.24 29.11.24 197.95 444.05 642.00 Bellevue Healfhcare Trnst plc 4.800 Ordinary Shares Ip 31.05.24 29.08.24 143.76 120.96 264.72 BHP Group Ltd 400 Ordinary Shares NPV 03.04.24 07.10.24 225.19 226.32 451.51 BNY Mellon Asset Trlanagement 16,191.2674 Glubal In¢ome Instl W Inc.. 01.03.24 31.05.24 31.08.24 30.11.24 219.85 280.47 449.00 231.53 1,180.85 BP ple 1.800 Ordinary Shar¢s USD 0.25 28.03.24 28.06.24 20.09.24 20.12.24 102.46 102.29 108.90 13.33 426.98 Diageo ple 375 Ordinary Shal'es 17.04.24 17.10.24 120.19 177.11 297.30 F & C Investment Trust pl¢ 4,050 Oi'dinary Shares 2.Sp 01.02.24 09.05.24 01.08.24 01.11.24 137.70 182.25 145.80 145.80 611.55 4,117.57 C/Fwd
4,117.57 GSK i)Ic 520 Ordinayy Shares 311/41) 11.01.24 11.04.24 11.07.24 10.10.24 72.80 83.20 78.00 78.00 3 12.00 H&leoJi ple 650 Ordinaiy Sli8res Ip 16.05.24 19.09.24 27.30 13.00 40.30 Halwa plc 770 Ordinary Shares l Op 02.02.24 16.08.24 64.76 101.64 166.40 Henderson Far East Income Ltd 4.8UO Ordinaiy Shares NPV 26.02.24 03.06.24 02.09.24 03.12.24 292.80 292.80 297.60 297.60 ,180.80 M&Gple 600 Ordillary Shares Sp 09.05.24 18.10.24 79.20 39.60 118.80 M & G Invo8tment Management Corporate Bond Sterling PP Inc.. 33,551.48 Shares 29.02.24 31.05.24 30.08.24 29.11.24 331.96 329.34 334.27 343.23 1,338.80 M & G Investment Managemellt Optimal Inc Sterling PP Inc- 17,885.331 Shares 31.05.24 29.11.24 430.96 423.56 854.52 M & G Se¢uritie5 Ltd Glabal Macro Bond PP Inc.. 17,816.089 ShaiES 28.03.24 28.06.24 30.09.24 161.54 173.78 164.23 499.55 Muyray Internatlonll TrM8t pl¢ 15.000 Ordinary Shares Sp 16.02.24 20.05.24 16.08.24 18.11.24 360.00 645.00 375.00 375.00 1,755.00 National Grid plc 825 Oi'dinary Shas 11.01.24 19.07.24 160.05 322.74 482.79 10,866.53 C/Fwd
10,866.53 Novartis AG 390 Shal'es CHF 0.50 12.03.24 742.18 Prudentlal plc 665 Ordii)ary Shares Sp 16.05.24 23.10.24 75.43 34.68 Reckitt Benekiser Group ple 240 Ordinary Sllares l Op 24.05.24 13.09.24 278.16 192.96 471.12 RELX ple 550 Ordii)ary Shal'es 14.44p 13.06.24 05.09.24 229.90 100.10 330.00 Royal iA>ndon Uni* Trust Managers Ethical Bond Z Inc.. 28,000 Shal'es 02.01.24 28.03.24 28.06.24 30.09.24 309.71 329.67 320.10 1.270.59 Sage Group pl¢ 1,250 Ordinary Shares 09.02.24 28.06.24 159.38 86.88 246.26 Saiidoz Group AG 78 Shares CHF 0.05 08.05.24 20.00 Schroder Income Growth Fund 7,400 Ordinary Shares l Op 26.01.24 26.04.24 31.07.24 31.10.24 185.00 185.00 185.00 495.80 1,050.80 Seottish Mortgage Investment Trust ple 3,000 Ordinary Shares Sp 1.07.24 15.12.24 79.20 48.00 127.20 Shell ple 334 Ordinary Shares EUR 0.07 25.03.24 24.06.24 23.09.24 19.12.24 89.85 89.98 87.34 90.28 357.45 Siemens AG 55 Shares NPV 14.02.24 161.31 Spectris ple 250 Ordinary Shares 5p 28.06.24 08.11.24 134.75 66.50 201.25 SSE plc 625 oi'dinary Shares 50p 08.03.24 19.09.24 125.00 250.00 375.00 16,329.80 CIFwd
B/Fwd 16,329.80 Unilevei. plc 350 0i.dinary Sliairs 3119p 22.03.24 07.06.24 06.09.24 06.12.24 127.65 128.59 129.36 128.21 513.81 Victrex plc 380 Ordinary Sliares I p 23.02.24 28.06.24 175.33 51.00 226.33 Vodafone Group plc 3,800 Ordinary Sliai'es 02.02.24 02.08.24 146.12 144.02 290.14 Waystone Fund Services (UK) 7,000 Trojan X Inc 106.73 Woodside EneiEY Group Ltd 72 Ordinaiy Shares NPV 05.04.24 07.10.24 33.71 37,89 71.60 WPP plc 450 Ordinary Shares lop 05.07.24 01.11.24 109.80 67.50 177.30 Treasury 2/2/0 Index Linked Stock 2024: £12,750 Stock 17.01.24 17.07.24 612.41 615.67 1.228.08 Intei'est Received.. from Royal Bank of Scotland 28.03.24 28.06.24 30.09.24 31.12.24 25.06.24 25.09.24 23.12.24 30.85 30.47 14.86 18.66 1.86 258.49 301.29 Rathbone5 656.48 19.600.27 DONATIONS TO CHAIUTABLE ORGANISAI'IONS 07.05.24 07.05.24 07.05.24 07.05.24 07.05.24 07.05.24 30.07.24 30.07.24 30.07.24 30.07.24 30.07.24 30.07.24 30.07.24 30.07.24 24.09.24 18.10.24 DEC.. Ukraine Humanitarian Appeal Highland Hospi¢¢ Inverness Sea Cadets Ness Bank Chur¢h Elsie Nomiington Foundation Inverness Men's Shed The Haven Erskine H05Pltal Little Sislers of Ihe Poor Hessilhcad Wildlife Rescue Trust The Friends of Lazarus I lome for Girls Waverley Steam Navigalion Co Ltd Blainnore IIcrilage Ltd The Royal Zoological Society of Scotland (Wildcat Appeal) Ardgowan Hospice DEC: Middle Last Huinanitarian Appeal 2.000.00 550.00 550.00 750.00 1,000.00 500.00 550.00 550.00 550.00 275.00 550.00 2,000.00 500.00 550.00 500.00 1,000.00 l2,375.00
- INVF,STMENT PURCItASED National Grid plc- Rights Issiie of 240 Ordiiiary Sl)ares 1,548.00
- INVESTMENTS HELD AT 31 DECEMBER 2024 Market Vglue 2023 Mai'ktt Value 2024 C05t Cost Abrdji plc 2,969 1.662 Ordinary Shares Abrdn UK Smaller Compaiiies Growth Ti'ust plc 24,503 5.350 Ordinary Shares 25p Bellevue Healthcal'e Trust plc 7,555 4,800 Oi'dinary Sliares Ip 8,557,71 ,557.71 2,346 16,248.40 16.248.40 26.857 6,506.25 6,506.25 6,806 BHP Group Ltd 10,758 400 Ordinary Shales NPV BNY Mellon Asset Wlxnagement Global Incoine Instl W Inc 35,041 16,191.2674 Shares BP plc 8,391 I,KOO Ordinary Share5 USD 0.25 Diageo pl¢ 10,710 375 Ordinary Shares F & C Inve8tmtnt Trust plc 35.961 4,050 Ordinary Shares 25p GSK plc 7.541 520 Ordinary Share$ 31 /4P HaleoTh ple 2,091 650 Ordinary Shares I p Halma ple 17,587 770 Ordinary Shares lop Hcndeyson Far Easl Income Ltd 10,320 4,800 Ordinary Shares NPV M&Gple 1,334 600 Ordinary Shares 5p M & G Jnvtstmenl Management Corporatc Bond Sterling PP Inc.. 29,092 33,551.48 Shares M & G Inv¢gtment Man4gemtnt Optimal Inc Sierling PP Inc- 17,168 17,885.331 Shares M & G Securiti¢$ Ltd 15.174 Global Macro Bot)d PP Inc.'17,816.089 Shar¢s 239,195 CIFwd 4,151.88 4,151.88 7,808 15,226.26 15,226,26 36,675 11,096.64 11,096.64 7,074 4,116.89 4,116.89 9,516 4,754.10 4,754.10 44.874 7,573.38 7,573.38 7.002 1,680.50 1,680.50 2,453 3,034.56 3,034.56 20,705 13.156.55 13,156.55 11,016 583.52 583.52 1,187 27,995.97 27,995.97 28,334 18,572.35 18,572.35 16,789 18 646.47 161,901.43 18 646.47 161,901.43 243,488
161,901.43 239,195 BIF¥v(I MiiTray Internalioiial Trust pl 18:7nO l i,000 Qi"dinaiy Shgles 5p alional Grid ple 1,065 Ordinary Shal'es 8,729 (wa5 825 Shal'es in 2023) 'ovarti¥ AG 30,849 390 Sliares CHF 0.50 Prudeiilial plc 5,900 665 Ordinary Shw'es 5p Reckitt ljemcklser Gruup plc 13.008 24(1 Oi'dinary. Sliares lop RELX plc 17,105 550 OLdiiiaiy 8liare% 14.44p ROYAI London Vllil Trust Man8gErs Ethical Bond Z Inc.. 28.140 28,000 Shares 161,901.43 243,,188 26,05?..68 26.052.68 38,625 4,586.38 6.134.38 20,995.30 20,995.30 30.478 4,671.84 4,671.84 4,236 6,599.28 6,i99.28 6,692.59 6,69Tr2.59 19.960 32.175.T2 32,175.72 28,140 Sage Group plc 14.656 1,250 Ordinary Shares ,SaThdoz C¥roup AG 1,907 78 Shar¢s ciir 0.05 Schrtbder Income Growth Fund 20.720 7,400 Ordinhry Sh3re5 lop Scotlisb Morlgage IiiYe41in¢nl Tru.If plc 24,240 3,000 OrdEnary Shartt% 5p Shcll pl¢ 8.589 334 Ordinary Shares bUR 0.07 2295.95 2.295.95 15,913 2,167.23 1,167.23 2,554 20,729.99 20,729.99 20202 1,194.30 1.194.30 28.650 5,324.32 5,324.32 8,270 Si¢iii¥iiy AG ,080 5.5 8h#K% NPV Speetrls ple 9,448 250 ()Ydinary Shar¢$ 5p SSE ple 11,600 625 Ordinary Shares 50p Ilnilever ple 13.300 350 Ordinary Shares 3119p ielrex plc 5,784 380 Ordinary Shères Ip Vodafoiie Gruup plr 2,605 3,800 Ordinary Share5 Wa}stoDc Fund Scrviees (UK) 8,887 7.000 Trojan X Inc WDodsldc Energy Group Ltd 1,197 72 Ordinary ShaTeS NPV WPP ple 3 J89 450 Or(linary Shdrth¥ lop TrcD5ury 2J/i•/o Index Linked Siock 2024 49 140 £12.750 Stock 565,228 5,130.35 5,130.35 8,614 5.974.12 5,974.12 6,270 7,614.39 7.614.39 10,025 9,700.72 9,706.72 15,918 5.482.62 5,482.62 4,089 9.412.32 9,412.32 2,595 7,$10.79 7.510.79 9,37Q 1,219.92 1219.92 907 6,846.18 6.846.18 3.723 42 8Q2.55 396 086.97 354,832.42 523,744 7. NuiiL L)[ tlie 'frii%te¢s received an. retnull¢ra¢ion during the year. One of the Trustees, is a partner in Henderson & Company? Cli1¢red Accountants, who receiiwed L*.400 iiicliiding VAT ror acwunlancy and secretarial svtVi¢¢S. 8. All funds held and all income received to date arc unr¢slri¢t¢d funds.
INDEPEI NDENT EXARkqINER'S RFPnRT TO TlfF, TRUST£1 ES OF 'I'HL HLC'I'OR GORDON RUSSELL TRUST I reix)rt on the accoynts ot the Hector (iordon Ku5scII I'iust for the year ended 31 st Dec¢nib¢r 2024. Respective Responsibilitie8 of'I'i'ustees and Exxmiller The li'ubttcs i¢spoTrii¥ibltt fur Ilie pi'eiiai?tian of the accounts in Accordance with dic t¢mis of the Charities alld Trustee Investment (Scotland) Act 2005 th¢ Charities AeL'Diitkls (Scoflaiid) liegulations 2006. The trustees consider that the audit requirement of Regulation l O(l)(d) of Ih¥' ALeoiiiitq RegiilAiinJ)q doeq i)ot appl). It is my rc5PQllsibilily lo exaininc the accoiints as required under se¢tioii 44( lj(c) of th¢ ixct and to stale whether p81'ticiilar mitters have come trj my 2ttentii)n. Busis ind¥yen41ellt ExAmitter's Statement My examiDation is carried out iti a¢¢oYd21ice with Re¥ulalion I l of the Chariiieg ALLuiints {SciitlaFKI) Il¢gulation5 2006. An ¢xamination includes tt review of the accountin TOrdS kept by the charil). and u4)Inp8risni) of the Rccounts pre4enled willi Ilios¢ iYiuTds. li also iiicludes ¢onsidcralion of llny unusual items or disclosuirs in th¢ ac¢ouul5, seeks expldllaliolls froin Ilie tn]et$ concerning any suGh matter8. The prneedutts undcrtakcn do not provAdc all the evidence that would b¢ required in an audit, dTLd Lonsequentty I du nul cxprcss an audit opinion on the vi¢w given by the @ccounls. llldepelldeut Lxaminer's Statement In the course Df my &xamination: no matter has ¢om¢ to my attcntioll which give8 Tne Teasonable cause to IKli¢vc that in 8ny matcrial trspect th¢ reqU1mentS lo k¢ep aLLouniiThg r¢cords ill ac¢oi'dAnce MTith ,8ection 44( I Xa) ot Ihc 2005 Act alld R¢gul&tio 4 of the 2006 Accounts Regulatioiis, and lo pr¢pore accounts which accnrd with the accounling records and comply with Regulation 9 of the 20Q6 Accounts Regulations. have not been met. or 2. to whicl itk my opinion, attention should be drawn in order tti enable & pruper untlerstandin8 of tli¢ accounts to bc rcached. 22 April 2025