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← Gemmell Bequest Fund

2025-08-31-accounts

Scottish Charity No SC001344

GEMMELL BEQUEST FUND

TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Brodies LLP Capital Square 58 Morrison Street Edinburgh EH3 8BP T: 0131 228 3777 Ref: SNB.VZE.GEM0007

GEMMELL BEQUEST FUND

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

Reference and administrative details of the charity, its trustees and advisors

Scottish Charity No: SC001344

Contents Page
Reference and Administrative Information 1
Trustees' Annual Report 2-3
Independent Examiners' Report to the Trustees 4
Statement of Receipts and Payments 5
Statement of Balances 6
Notes to the Financial Statements 7-9

Trustees

Registered office

Brodies LLP Capital Square 58 Morrison Street Edinburgh EH3 8BP

Solicitors

Brodies LLP Capital Square 58 Morrison Street Edinburgh EH3 8BP

Stockbrokers

Rathbone Investment Management Limited George House 50 George Square Glasgow G2 1EH

Independent examiner

Chartered Accountant Brodies LLP Capital Square 58 Morrison Street Edinburgh EH3 8BP

Bankers

Royal Bank of Scotland St Andrew Square Edinburgh EH2 2AD

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GEMMELL BEQUEST FUND

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

The trustees present their report along with the financial statements of the charity for the year ended 31 August 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the trust deed.

Structure, Governance and Management

Establishment of trust

The trust was established by the Trust Disposition and Settlement of the late William Gemmell dated 18th September 1920 and registered in the books of council and session on 16 November 1922. Mr Gemmell died on 29th October 1922 (the "Deed of Trust").

Trustee meetings and appointment

The original trustees were appointed by the Deed of Trust; subsequent trustees are appointed by the existing trustees. New trustees are briefed on the trust's aims and objectives. At the trustees' meeting, the trustees agree the broad areas of strategy and areas of activity for the trust including consideration of grant making, investment reserves, risk management and performance.

Risk management

The trustees have assessed the risks to which the trust is exposed, in particular those related to the operations and finances of the trust and are satisfied that systems are in place to mitigate all exposure to major risks. The trustees consider variability of investment returns as one of the major risks, and therefore the trust uses the services of Rathbone Investment Management Limited as investment advisers.

Objectives and Activities

Trust purposes

The Deed of Trust sets out wide reaching charitable purposes, whereby annual income shall be paid out to charitable institutions, associations or societies within the municipal boundary of the City of Glasgow, and the parish of Sorn, Ayrshire, as shall be determined by the trustees in their absolute and unfettered discretion.

Preference is given to the mental physical, moral, cultural and educational well-being and welfare of children particularly those suffering from mental or physical disability.

Grant making policy

The trust invites applications from organisations that meet the charity's criteria. The trustees meet annually to consider the applications.

Achievements and Performance

The market value of the investments at the year end was £576,655.00 (2024: £581,153.00) which represented a small decrease of 1% over the year. The investments produce an overall estimated income yield of 2.4%, which the trustees consider makes sufficient provision for income without prejudicing the ability of the portfolio to benefit from capital appreciation.

A total of 9 (2024: 10) grants amounting to £20,000 (2024: £19,800) were made during the year.

Financial Review

As at 31 August 2025 the revenue balance was £915.35 (2024: £1,261.04), after a transfer of funds to revenue from capital. Reserves at 31 August 2025 were £590,868.70 (2024: £600,416.39).

Brodies LLP fees are set by an independent law accountant each year. The total administration costs figure of £18,785.52 (2024: £18,020.64) consists of fees raised by Brodies LLP during the year of £18,036.00 (2024: £17,346.00) plus the costs of having the fee assessed by the law accountant £749.52 (2024: £674.54). The fee set by Alex Quinn and Partners Limited for the year to 31 August 2025 was £15,762.00 (2024: £16,656.00). The remaining balance of Brodies LLP fees for the year of £882.00 (2024: £3,156.00) will be shown in the next annual account. The law accountants fee for the year to 31 August 2025 of £709.30 (2024: £749.52) will also be shown in next year's account.

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GEMMELL BEQUEST FUND

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

Reserves policy

It is the policy of the trust to maintain funds at a level sufficient to facilitate grant payments and cover management, administration costs.

Investment policy

The trust uses the services of Rathbone Investment Managers Limited as investment advisers. The policy is to adopt a medium risk investment strategy based on a balance of generating income and achieving capital growth.

Future Plans

By continuing to award grants the charity provides a long term commitment to meetings its objectives.

Statement of the trustees' responsibilities

The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the trust's transactions and disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the trust’s constitution. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved on . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . and signed on behalf of the trust by

. . . . . . . . . . . . . . . . . . . . . . . . . . .

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GEMMELL BEQUEST FUND

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2025

I report on the financial statements for the year ended 31 August 2025 which are set out on pages 5 to 9.

Respective responsibilities of trustees and independent examiners

The charity’s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) 2005 Act and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity trustees consider that the audit requirement of Regulation 10(1) (d) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, I do not express an audit opinion on the view given by the accounts.

Independent examiner's statement

In the course of my examination, no matter has come to my attention

have not been met, or

Chartered Accountant Brodies LLP Capital Square 58 Morrison Street Edinburgh EH3 8BP

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GEMMELL BEQUEST FUND

STATEMENT OF RECEIPTS AND PAYMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Note
Receipts
Investment income
Investments realised - net
11
Total Receipts
Payments
8
Donations
9
Administration costs
10
Total Payments
Net receipts / (payments)
Transfers (from)/ to funds
2
(Deficit)/ surplus for year
Investment management
costs		 2025
2024
Capital Funds
Revenue Funds
Total
Total
£
£
£
£
-
13,931.49
13,931.49
16,197.76
22,509.31
-
22,509.31
28,482.67
22,509.31
13,931.49
36,440.80
44,680.43
5,019.19
-
5,019.19
5,205.00
-
20,000.00
20,000.00
19,800.00
5,635.62
13,149.90
18,785.52
18,020.64
10,654.81
33,149.90
43,804.71
43,025.64
11,854.50
19,218.41)
(
7,363.91)
(
1,654.79
18,872.72)
(
18,872.72
-
-
7,018.22)
(
345.69)
(
7,363.91)
(
1,654.79
Unrestricted

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GEMMELL BEQUEST FUND

STATEMENT OF BALANCES

AS AT 31 AUGUST 2025

Note Unrestricted Unrestricted 2025 2024
Capital Funds Revenue Funds Total Total
£ £ £ £
Cash Funds
Opening cash at bank and in hand 21,907.87 1,261.04 23,168.91 21,514.12
Add:
Receipts and Payments
(deficit)/surplus 7,018.22)
(		 345.69)
(
 7,363.91)
(		 1,654.79
Closing cash at bank and in hand 14,889.65 915.35 15,805.00 23,168.91
Bank and cash balances
Rathbones - capital cash 2,609.35)
(		 -
 2,609.35)
(		 5,756.30
Rathbones - income cash - 915.35 915.35 1,261.04
Royal Bank of Scotland 17,499.00 - 17,499.00 16,151.57
14,889.65 915.35 15,805.00 23,168.91
Investments
Investments at market value 7 576,655.00 - 576,655.00 581,153.00
Liabilities
A Quinn & Partners - audit of fee 10 212.80 496.50 709.30 749.52
Brodies LLP balance of fee due 10 264.60 617.40 882.00 3,156.00
477.40 1,113.90 1,591.30 3,905.52
Total Resources 591,067.25 198.55)
(		 590,868.70 600,416.39

Approved by the trustees on

. . . . . . . . . . . . . . . . . . . . . . . . . . .

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GEMMELL BEQUEST FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2 Nature and Purpose of Funds

Unrestricted funds are those that may be used at the discretion of the trustees in furtherance of the objects of the charity. The trust's unrestricted funds comprise a Capital and a Revenue fund. Capital is the invested funds which generate the income (revenue). Revenue is the income received from capital investments. Both funds are subject to expenses. Donations are usually paid from the available Revenue balance. However the trustees are free to use either fund for any purpose in furtherance of the charitable purposes, if they so determine.

Administration costs have been allocated between capital and revenue on a 30:70 basis.

3 VAT

The trust is not registered for VAT and accordingly expenditure includes VAT where appropriate.

4 Taxation

The trust is a charity and is recognised as such by H M Revenue & Customs for taxation purposes. As a result there is no liability to taxation on any of its income.

The trust had no employees at any time during the year (2024: none).

6 Trustees expenses 2024 : £ nil 2025 : £ nil

7 Investments

Investments are stated at market value, as advised by Rathbone Investment Management Limited, stockbrokers; they manage the investments and changes in the portfolio are made by them in consultation with the trustees.

Opening market value
Less disposals (at market value 31/8/24)
Add acquisitions at cost
Net gains on revaluation as at 31/08/25
Closing market value at 31/8/25
Historical costs of investments		 2025
2024
£
£
581,153.00
564,036.00
139,400.00)
(
126,615.00)
(
116,538.34
91,211.23
18,363.66
52,520.77
576,655.00
581,153.00
431,951.20
402,364.68

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GEMMELL BEQUEST FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

8 Investment Management Costs 2025
2024
£
£
Rathbone Investment Management Ltd
- portfolio management fee 5,019.19
5,205.00
9 Charitable Donations
Geeza Break
Glasgow Children's Hospital Charity
Glasgow City Mission
Kidney Kids Scotland Charitable Trust
Listening Books
Maryhill Parish Church
Nordoff-Robbins Music Therapy
Reidvale Adventure Playground Association Ltd
Ronald Macdonald House Glasgow
SAMs SCIO
Teenage Cancer Trust
The Glasgow Group of the Riding for the Disabled Assn
The Preshal Trust
The Sequal Trust
Note: There was an additional £1,997.61 in charges relating
investments held within the portfolio. These charges are external
price movements of the various funds.		 2025
2024
£
£
2,000.00
-
2,000.00
2,200.00
2,000.00
2,200.00
2,000.00
2,200.00
-
2,200.00
2,000.00
2,200.00
2,000.00
-
2,000.00
2,200.00
-
2,200.00
-
2,200.00
2,000.00
-
-
2,200.00
2,000.00
-
2,000.00
-
to the running of the collective
and are absorbed within the share
20,000.00
19,800.00
10 Brodies LLP - administration fees - interim
Alex Quinn & Partners Ltd
- audit of Brodies LLP fees August 2023
- audit of Brodies LLP fees August 2024
Note: fees to be included next year
Auditor fee re Brodies LLP fees
£709.30 issued October 2025
Brodies LLP - administration fees
£882.00 balance of 2025 fee due per auditor
Administration Costs
Brodies LLP – administration fees
2023 annual fee - balance
2024 annual fee - balance		 2025
2024
£
£
14,880.00
13,500.00
-
3,846.00
3,156.00
-
-
674.64
749.52
-
18,785.52
18,020.64

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GEMMELL BEQUEST FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

11 Investments realised/ (purchased) - net
Proceeds of investments sold
Cost of investment purchased
Net movement for year		 2025
2024
£
£
139,047.65
119,693.90
116,538.34
91,211.23
22,509.31
28,482.67

12 Related Parties

, the trustee, is associated with the firm Brodies LLP who received fees of £18,036.00 (2024: £17,346.00) including VAT for services including preparation of accounts, management of investments, distribution of donations and all other administration in connection with the trust.

Brodies LLP fees have been audited and set at £15,762.00 (2024: £16,656.00) for the year. The balance of £882.00 (2024: £3,156.00) will be included in next years accounts.

13 Guarantees and Commitments

There are no contingent liabilities at the balance sheet date.

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