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. cI￿enock
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 Goi￿Vn 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. acc1￿cd 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) AdminiSt￿live 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 Sha￿s
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

5. INVF,STMENT PURCItASED
National Grid plc- Rights Issiie of 240 Ordiiiary Sl)ares
1,548.00
6. 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? Cli￿1¢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￿ T￿OrdS 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¢ reqU1￿mentS
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