,THE HECTOR GORDON RUSSEIL TRUST. . Accounts For the yeai. ended 3 1st Decemb¢r 2025 HENDERSON & COMPANY 78 Unjrjn Street rJl'eeOLk PA 16 8BG
THE HECTOR GOIiDON RUSSELL TRUST (Charity Refcrencc Nuinbcr SC000679) ACCOUNTri TrOR YEAR TED 31ST DEI CEMBER 2025 TRUSTEES Miss H.R. Fairbaini ILT. Hendcrgon R.J. Henderson Mi's Susan Scott-Lodge M.P. H¢nderson OFFICE ADDRESS 73 Union Street. Gi'ecno¢k BANKERS Royal Bank of Scotland, Grn0¢k SOLICITORS Neill Clerk & Murray 3 Ardgowan Squait, Gyeenock INDEPENDKNT EXAMINER Moi'ag E. Love C.A. 183 Glen Avenue Largs
REPORI, OF TIIE TRUSTEES OF THE HECTOR GORDON RUSSEI.L TRUST FOR THE YEAR ENDED 31ST DECTr.MBER 2025 The Ti'uslees ar¢ pleased to pycsent their Repoi'É aiid tl)e Accouiils of ilie Hector Goi'don Russell Trust foi. tlie y¢ar elided 3 1st December 2025. Tlie Ti'ust was sct up by a Trust Dccd of the late He¢toi' Gordon Russell on 6di June 1972, and the Tiwstces appointed by liim weremr David R Fairbairn, Mr D&vid Caldwcll diid Mi. Robcrt T Hciidersoii. The pi'esent Trustees are Miss Helei) R fairbaii'n, Mr Robert T H¢iiderson, Mr Robcrt J14eiiderson, sus] S¢ott-Lodge and Mr Mattliew P l-lendei'son who was appointed on 22 Deceiiibci. 2025. The purpose ofilie Trnsl is to inake paymenÉs of the wholc or any part ofthe fl'ee incoiiie, after pi'ovidiiig for expense5 of adini21istration, lo sucli eliaritable institutioiis, societics oi. causes a5 tli¢ Ti'ustces iii their absolute discretion select. The Capilal of the Tiust, including gains on re&lisalioii of investments, is not distributed, alld a pi'oportion of r¢v¢i)ue has been retained ovei. the years to meet aiiy exceptionally I.ge or meritorious app¢al. or unforeseen circumstances. It is not the practice of the Trustec5 to make charitable donations in response to writteii applications. The incom¢ of the year consisted cntirely of Incoine from knvestinents and Baiik Interest and amounted to 19,599,55 Payments during tlie year were Donations to Charitable Organisations Adiniiiistration Costs 12,875.00 4.328.93 17.203.93 the income exceeding the P84ymenls of the yew. by Adding the balance of Revenue, brouglit foiivard 2,395.62 30,984.48 Ihe ba1Ce of Revenuc caNied forward is 33.380.10 Th¢ Capital of the Ti'ust at the beginning of the year amounted to And to this is added the gain on sal¢ of an Investment 383.492.75 4.393.38 387.886.13 The total funds of the TTUSt. with the investtnent5 valued at cost, therefore consist of Revciiue of £33,380.10 and Capital of £387,886.13 and aFnount to £421,266.23. If the investtncnts are valued at market Value on 3 1st Decembei- 2025, the total funds amount to £655.144. SigThed on behalf of all of the ¢118rity Ti'ustees and approved by them on 7th April 2026. ROBFRT J HENDfRSON TRUSTEE
THE HECTOII GORDON RUSS'ELL TRUST REI cr.IPTS AND PAYMLN'fs ACCOUNT FOR YEAR LNDED 31ST DF.CEMBf<112025 Note 2025 2024 RECEIPTS Iiicome fi'oin Inveslmeiils Pioceeds of Sale of Investinent Casli Fractioii (Unilcve¥ plc) 19,599.55 10,367.50 5.41 19,600 49,254 29,972.46 68,854 PAYMEI NTS Doiiatioiis to Charitable Organisatioiis 12.875.00 12,375 Goveniance Costs.. Adininislr&tion and Ac¢ountancy Independent Examinei s Fee Stockbrokers Management Ch&rge 2,520.00 200.00 1.608.93 2,400 200 J.661 4,328.93 4,261 Cost of Investineiit Purchas¢d 17.203.93 18.184 Excess of Re¢¢ipts over Payments 12,768.53 50,670
THE HECTOII GORDON RUSSfi LL TIIUST STATEMLN'F OF BALANCES AS AT 31S'f DECII MBFII 2025 Note 2025 2024 CASH IN BANK AND OIY HAND Opeiiing Balanee, consisting of Casli iii Bank Casli licld by Stockbrokers 9,663.17 49,981.64 8,869 106 59,644.81 12,768.53 8.975 50,670 Add: Exccss of Receipts ovei. Payniciil% 72,413.34 5S),645 Closing Balai)ee at 3 1st Decembei. 2025: Cash in Baiik Casli li¢ld by Stockbrokers 13,135.54 59,277.80 72,413.34 59,645 INVESTMENTS At cost 348,852.89 354,832 421,266.23 414,477 Representcd by.. Revenue Capital 33,380.10 387,886.13 30,984 383,493 421,266.23 414.477 Signed on behalf of all the Charity Trustees at]d approved by them on 7th April 2026. dkr8 ROJ3f.RT J HLNDERSON TRUS"I-EE
'rTriE HECTOR GORDON IIUSSELL TRUS'r NOTES TO THE ACCOUNTS I. ACCOUN'fThG POLICIES (#) Tlje accoiints havc bcci) prepai'cd in aceordancc with ihe Cliai'iti¢s aiid livstce Iiivcstnienl (S¢oiland) Act 2005 and ihe CharitlC5 Accouiits (Scotland) Rcgulations 2006. (b) Income is credit¢d wheii i'cceived aiid expeiiditure cliarged when paid, unlcss the omissioii of ally itein of accrued iii¢oine or acci'ued expenditure would Kesult in 2 iiiatcrial distoitioii of a trne and fair view of tlie statc of aff&irs or of thc sui'pliis or deficit for tlic yc#i'. (c) Incoinc fi'oni Investmeiils is received gross. (d) Adminislrativc costs are iiot accyued but al'e dcbited wlien paid. 2. SALE OF JNVESTMENT Procceds of Salc of Spectris plc.. 250 Ordiiiaiy Sliai'es of 5p Cost Gain on Sale 10,367.50 5 974.12 4,393.38 INCOMK FROM IMIESTMEf+trs Aberdeen Group plc 1,662 Ordinaiy Shar¢s 13.05.25 23.09.25 121.33 121.33 242.66 AberdeLll UK Smaller Companies Growtb Trust plc 5,350 Ordinwy Shal'es 25p 18.04.25 28.11.25 197.95 508.25 706.20 Bellevue Healthcare Trust ple 4,800 Ordinai'y Shar¢s Ip 30.05.25 12.09.25 120.96 129.60 250.56 BHP Group Ltd 400 Ordinary Shares NPV 01.04.25 30.09.25 155.13 178.78 333.91 BNY Mellon Asset Management 16,191.2674 Global Income In5tl W Inc: 04.03.25 04.06.25 03.09.25 04.12.25 220.49 237.76 456.92 264.92 17,970.722 Global Iiicome U Inc.. 1,180.09 BP ple 1,800 Ordinary Shares USD 0.25 21¢.03.25 27.06.25 19.09.25 19.12.25 111.17 106.19 111.50 112.31 441.17 Diageo plc 375 Ordinary Shares 24.04.25 04.12.25 118.05 179.66 297.71 F & C lllvestment Trust ple 4,050 Ordlnary Shares 25p 03.02.25 07.05.25 01.08.25 03.11.25 145.80 194.40 153.90 153.90 648.00 4,100.-30 CIFwd
4,100.30 GSK ple 520 Oi'dinary Sliai'es 31'/4P 09.01.25 10.04.25 10.07.25 09.10.25 7%.00 83.20 83.20 83.20 327.60 Haleon plc 650 Ordinaiy Shai'¢s I p 05.06.25 18.09.25 29.90 14.30 44.20 Halina plc 770 Oi'dinary Sliar¢s l Op 31.01.25 15.08.25 69.30 108.72 178.02 Henderson Far East lllcojne Ltd 4.800 Ordinary Share5 NPV 28.02.25 04.06.25 04.09.25 03.12.25 . 297.60 297.60 300.00 300.00 1,195.20 M&Gple 600 Ordinary Shares 5p 09.05.25 17.10.25 81.00 40.20 121.20 M & G Investmcnt M%nagemcnt Coi'poi'ate Bond Siorling PP Ine.. 33,551.48 Shares 05.03.25 02.06.25 01.09.25 28.11.25 337.90 336.76 346.35 349.27 1,370.28 M & G lllvestment Management Opliinal liic Sterling PP Inc.. 17,885.331 Sh.¢5 02.06.25 28.11.25 399.42 413.17 812.59 M & G Securities Ltd Global Macro Bond PP Inc: 17,816.089 Shares 06.01.25 02.04.25 01.07.25 30.09.25 31.12.25 156.85 162.89 137.08 145.06 180.28 782.16 Murray International Trust plc 15.000 Ordinary Shares 5p 17.02.25 19.05.25 15.08.25 18.11.25 375.00 645.00 390.00 390.00 1,800.00 NationAI Grid plc 1,065 Oi'dinary Shares 14.01.25 17.07.24 168.70 328.87 497.57 1,229.12 C/Fwd
11,229.12 Novartis AG 390 Sliare5 CHF 0.50 14.03.25 771.66 Prudential ple 665 Ordinary Shal'es 5p 14.05.25 16.10.25 81.47 38.17 119.64 Reckitt Benekiser Group ple 240 Ordiiiary Sliairs l Op 29.05.25 18.09.25 292.08 202.56 494.64 RELX plc 550 Oi'dillaiy Sl)ares 14.44p 19.06.25 11.09.25 246.40 107.25 353.65 Royal London Unit Trust Managers Ethical Bond Z Inc: 28,000 Shares 06.01.25 02.04.25 10.07,25 30.09.25 31.12.25 343.98 329.90 342.69 349.78 3SI.90 1,718.25 Sage Group plc 1,250 Ordinary Shares 11.02.25 27.06.25 168.75 93.13 261.88 S4lldo% Group AG 78 Shar¢s CHF 0.05 23.04.25 27.66 Schrvd¢r lllcome Growth Fund 7,400 Ordinary sli$ l Op 27.01.25 30.04.25 31.07.25 31.10.25 240.50 240.50 240.50 366.30 1,087.80 Scottish Mortgage Investment Trvst plc 3,000 Oi'dinary Shares 5p 10.07.25 12.12.25 83.40 48.00 131.40 ShLII ple 334 Ordinary Shares EUR 0.07 24.03.25 23.06.25 22.09.25 18.12.25 92.82 88.21 88.91 89.68 359.62 Siemens AG 55 Shares NPV 19.02.25 173.57 SpectrAS ple 250 Ordinaiy Shares Sp 27.06.25 07.11.25 141.50 70.00 211.50 SSE pl¢ 625 oi'dinary Shares 50p 27.02.25 18.09.25 132.50 268.75 401.25 17,341.64 CIFwd
BIPwd 17,341.64 Uiiilever plc 350 oi'diiiary Sl)ares 3 Iwp 28.03.25 16.06.25 12.09.25 05.12.25 132.13 136.05 137.06 137.48 542.72 Victrex plc 380 oi'diiiaiy Sl)ares Ip 21.02.25 27.06.25 175.33 51.00 226.33 Vodafone Group plc 3,800 ordi11Y Sliai'cs 07.02.25 01.08.25 71.67 74.26 145.93 Waystone Fund seICe$ (UK) 7,000 Ti'ojan X In 03104125 120.93 Woodside Ellergy Group Ltd 72 Shares NPV 02.04.25 24.09.25 29.61 28.77 58.38 WPP ple 450 OrdiThaiy Shal'es l Op 09.07.25 04.11.25 109.80 33.75 143.55 Interest Received: Royal Bank of Scodand Kathbones 98.84 921.23 1,020.07 19.599.55 DONATIONS TO CHARITABLE ORGANISATIONS 29.04.25 30.05.2S 02.06.25 02.06.25 02.06.25 02.06.25 02.06.25 29.07.25 29.07.25 30.07.25 30.07.25 30.07.25 30.07.25 01.08.25 20.11.25 GIEenock Medical Aid Society British Rcd Cros.q.' CJa7I Appeal Elsie Nonnillgton Found&tion Highland Hospice Invernes5 Sca Cadets Inverness Mcn'5 Shed Nes5 Baiik Church The Haven Little S'isters of the Poor Erskine Hospital The Friend5 of Lazarus Home for Girls Waverley Steam Navigation Co Ltd The Royal Zoological So¢i¢ty of Scotland (Wildcat Appcal) Hcs5ilh¢ad Wildlife Rescue Trust Ness Bank Chuirh.. Girls/Boys Brigade 2,000.00 2,000.00 1,000.00 550.00 550.00 500.00 750.00 550.00 550.00 550.00 550.00 2.000.00 550.00 275.00 500.00 12,875.00
- INVESTMEwfs HELD AT 31 DECTr MBER 2025 Market Value 2024 Markct Valuc 2025 C05t Cosl Ab¢rdeen Group plc 2,346 1,662 Ordinary Shares Abcrdecn UK Sinallcr CompanÈe5 C*rowth Trust ple 26,857 5,350 Ordinary Shal'es 25p Bellevue Healthcare Trust plc 6,806 4,800 Ordinary Sliares Ip 8,557.71 8,557.71 3,417 16,248.40 16,248.40 26,964 6,506.25 6,506.25 6,835 IIHP Group Ltd 7.808 400 Ordinary Shkycs NPV BNY Mcllon A55et Management Global Iiicom¢ U Iiic 36,675 17,970.722 Sl)ai'¢s (Wils 16.191.268 Global It)come Instl W in 2024) BP ple 7,074 1,800 Ordinary Shar(% USD 0.25 Diageo ple 9,516 375 Ordinary Shares F & C Rnv¢stmellt Trust plc 44,874 4,050 Ordinary Sliare5 25p GSK plc 7,002 520 oi'dinary Shares 31 l/iP Haleoii ple 2,453 650 Ordinary Shares Ip Halma plc 20,705 770 OrdTrnary Shares lop Henderson Far East Intome Ltd 11.016 4,800 Ordinary Sharcs NPV 4,151.88 4,151.88 9.036 15,226.26 15,226.26 41,529 11,096.64 11,096.64 7,790 4,116.89 4,116.89 6,013 4,754.10 4,754.10 50,706 7,573.38 7,573.33 9,487 1,680.50 1.680.50 2.436 3,034.56 3.034.56 27.243 13,156.55 13.156.55 11.496 Magnum Ice CIYRM Company 70 Shares NPV {Received from Unilever plc Stock Split) M&Cple 1.187 600 Ordinary Sliare5 5p M & G liive5tmcni Managemont Corporate Bond Sterling PP Inc- 28,334 33.551.48 Shatts M & G Invcstmcnt Management opti11 Inc Sterling PP Inc- 16,789 17.885.331 Shares M & G Sll[tIes Ltd 14,046 Global Ma¢ro Bond PP Inc'.17,816.089 Shares 243,488 CIFwd 496.97 824 583.52 583.52 1,718 27,995.97 27,995.97 28,794 18,572.35 18,572.35 17,284 18.646.47 161.901.43 18 646.47 13,661 162,398.40 265,233
161,901.43 243.488 B/fwd Mui'rH}' Interiiatioiixl Trust ple 38.625 15.000 Ordinary Shaycs 5p NAtional Grid plc l 0,118 1,065 Ordinary Shares NovRI*i5 AG 30,478 390 Shares C14F 0.50 Prudl.tI1 ple 4,236 665 Ordinary Shai¢s 5p Reckitt Bcnekiser Group ple 11,599 240 Ordinary Shal'es lop RELX ple 19.960 550 Oi'dinary Shares 14.44p Royal Loiidon Unit Trust Manag¢r& EIIIiLal Boi)d Z Inc.. 28,140 28,000 Shar¢s S%&FL Group pl¢ 15,913 E.250 Ordinary Shares Sandoz Group AG 2,554 78 Shares CHF 0.05 Selirodgr Income Growth Fund 20,202 7,400 Ordinary Shares lop Scottish Mortgage Investm¢nt Trnst plc 28,650 3,000 Ordinaiy Shares 5p Shell plc 8,270 334 Ordinary Shares Eufi 0.07 162,398,40 265,233 26,052.68 26.052.68 50,250 6,134.38 6,134.38 12,157 20.995.30 20,995.30 40,113 4.671.84 4,671.84 7,611 6,599.28 6,599.28 14,405 6,692.59 6,692.59 16,610 32,175.72 32,175.72 29,204 2,295.95 2,295.95 13,538 1,167.23 ,167.23 4,234 20,729.99 20,729.99 25,752 1,194.30 1.194.30 35,580 5,324.32 5.324.32 9,152 Slemeiis AG 8,614 55 Shares NPV Spectris ple 6.270 250 Ordinary Shar¢s 5p SSE plc 10,025 625 Ordinary Shares 50p Umllever ple 15,918 31 l Ordinary Shares (was 350 Ordinary Shares 31p in 2024) Viclrex pl¢ 4,089 380 Ordinary Shares Ip VodAfone Group ple 2,595 3,800 Ordinary Shar¢s Waystone Fund SerYiec5 (UK) 9J70 7.000 Trojan X Inc WoodsSde Energy Group Ltd 907 72 Shares NPV 5.130.35 5,130.35 11,468 5,974.12 7,614.39 7,614.39 13,619 9,706.72 9,204.34 5.482.62 5,482.62 2,489 9.412.32 9,412.32 3,757 7,510.79 7,510.79 10,085 1.219.92 1,219.92 842 WPP plc 3 723 450 Ordinary Shares lop 523 744 6846.18 354 1432.42 1,519 582731 348,852.89 6. Noiie of the Trustees received any r¢muneration during the year. One of the 'fiu5te¢s, Mr Robert J Hend¢rson is a parttLcr in Henderson & Company, Chartered Accountants, who received £2,520 including VAT for accountancy and secretarial scrvi¢es. 7. All funds held and all income r¢c¢Aved to datc al'e unrestricted funds.
INDEPENDENT EMINER's RFPORT TO THE I'RUSTEftsi OF THE HEcfoR GORDON RUSSELL I'RUST R report oli the acc4)unts of the Hcctor Gordoii Russell Trnst for the yeai. ended 3 1st Dcc¢mbei' 2025. Respective Respoiisibilities of Trustees Examiney Tlie ti'ustees are rc5poiisible foi. the preparation of thc accounts in kwcordaii¢¢ with tlie tei)M8 of the Charities Aiid Trublee liivestineiit {S¢otland) Act 2005 aiid thc Cliai'ities Accounts (Scotland) RcgulatiOiLS 2006. The ttustees consider that ihe audit iEquireineiit of Regulation l O(l)(d} of ili¢ Accoui)És Regulations docs nol apply. It is Iny ¥c.gponsibility to cxamine the accoiints as i'e9uiI'cd uiidei. sectioii 44(1)(c) of thc Act and to statc whether parliculai. mattel's have come to my attentioiJ. Basis of Independent Exajnillcr's Statement My eAainii)ation is carried out iii a¢coi'dance wkth Regulation I l of the Charitie5 Accounts (Scotlaiid) Regulatiolls 2006. An examination in¢lt¢d¢s a review of tli# accounlillg rccords kept by the charily and a cotnparison of the accounts pi'cscnted with those reiK1s. It also includes considei'atiol) of any unusual items or disclubU8 in ttLe accounts, and seeks explaiiatioiis froin thc trustees concerning any sucli matters. The pi'ocedures undertaken do not providc all the evidence that would bc required in an audiL and consequently I do not express all audil opinion on the view given by the a¢¢ounts. Indepemdellt Ex4miner's StAtement In the course of my examination, no matter has come to my altstltion which gives m¢ reasonable cause to b¢lieve that in any material respect the requirem¢nts to keep accounting rccords in Accordance with S¢¢¢ion 44(1)(a) of th¢ 2005 Act and Regulation 4 of the 2006 Accounts Regulations. ]d to prepare Bccouiits which a¢coi'd with the accounting i'¢cords and comply with Regulation 9 of the 2006 Accounts Regulations. have not been m¢t, or 2. to which, in my opinion, attention should be drawn in order to enable a proper undei'slanding of the accounts to be reached. MORAG E LOVE CharleredAccounlanl 24th March 2026