,THE HECTOR GORDON RUSSEIL TRUST. .
Accounts
For the yeai. ended 3 1st Decemb¢r 2025
HENDERSON & COMPANY
78 Unjrjn Street rJl'ee￿OLk PA 16 8BG

THE HECTOR GOIiDON RUSSELL TRUST
(Charity Refcrencc Nuinbcr SC000679)
ACCOUNTri TrOR YEAR ￿T￿ED 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, G￿rn0¢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 ba1￿Ce 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 ordi11￿Y Sliai'cs
07.02.25
01.08.25
71.67
74.26
145.93
Waystone Fund se￿ICe$ (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

5. 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
opti1￿￿1 Inc Sterling PP Inc-
16,789 17.885.331 Shares
M & G S￿ll￿[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.￿tI￿1 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 31￿p 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 E￿MINER'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 re￿iK1s. It also includes considei'atiol) of any unusual
items or disclubU￿8 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