Professor T Graham Brown's Trust REPORT AND ACCOUNTS For the year ended 28 December 2024 Caledonian Exchange 19A Canning Street EDINBURGH EH3 8HE Scottish Charity No SC001958
Professor T Graham Brown's Trust Report and Accounts For the year ended 28 December 2024 Content$ Page No Trustees. Report Independent Examiner's Report Slalemenl of Financial Acllvilies Balance Sheet Notes lo the Accounts
Professor T Graham Brown's Trust Trustees, Report For tho year ended 28 December 2024 Introduction The Trustees present their report and the financial statements ol the Charity for the year endLd 28 December 2024. The financial slalemenls have been prepaied in accordance with the acco nling policies sel out in Note 1 to the Accounts and comply with the Charity's Trust Deed. the Ch and Trustee Inveslrnenl Iscollandl Act 2005, the Chaiilies Accounts (Scotlandl Regulations k006 las amended) and Accounting and Reporting by Charities. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reptyrting Standard appliGable in the UK and Republic of Ireland IFRS1021 effective 1 Januaiy 2019. Ob-ectives Activities and Grant-makin lefl his Important CDlleclion of books on Alpine Mountaineering i& the NaliJiiJ. Lib. ai )' O,. L. Ilcl'id Ilhe Library) lo be kept in one place and known as the Graham Brown Collection. He left the residue of his eslale in Iiust, the income from which lo rrheel the c(ki of purchasing any printed books, periodicals and maps and also any manuscripts relating lo Alpine. Arctic and Antarctic studies which in the sole discretion of the LibrariaD are considered to be suitable additions lo those categories of books et celera in the Library. Any income not so applied can be used for any olher purpose by the Library except for general maintenance. Nel incoml not disbursed shall be carried foThvard lor disbuisetnent in future periods. Polic Achievements and Performance During the period of these Accounts the income surplus due lo the Library was £50.736 12 £53,034). Further details are contained In Note 5 to the Accounts. Flnancioj Revlew The financial position of the Trust is as shown ill the accompanying Accounts which show Ihal,this year expenditure has exceeded income by £13.071 12023.. expenditure exceeded incomg by £14,664) Inveslmenl income for the year was £52,60512023 - £54.6141 Realised gains Dn sales of shares were £6,600 and there were unrealised gains of £78,705 (du the previous year there were realised losses of £7,321 and unrealised gains of £73.4441. Ing The total value of the trust fLJnds held as al 28 Dernber 2024 amouriled lo £1,567, 768 {2093 £1,495.534}. The Trustees are satisfied that adequate funds were available at the Balance Set dale lo continue lo fulfil the chaiitable objectives of the Trust. Investment olic and erformance The Trust's inveslmenls are included in the designated Capital Fund. The investment objective of the Trustees is lo achieve an above average income yield IDgeiher vith growth of income over the long term. To implemeF)I that obieclive, Ralhbones manage the investment portfolio on behalf of the Trustees. The value of the porllolio Increased from £1,483,&6 10 £1,582,535 during the period.
Risk Mana ement "I he principal risk faced by the Ifust lies in the pertormance of investments The TrLislees consider variabilily of Investment returns on tho capital Idesignaled) fwd lo constitute the charity's major financial risk. This is miligaled by rel8iniiig expert investinenl managers and hdving a diversified inve51inent portfolio. The Iruslee5 h3ve directed th8 invegmenl managers lo manaqe the funds with a balance between income arsd capSlal growth nd a mediumlhigh risk classification. Reserves Pollc The Trustees Ii(Ive uhosen Ici designate the ¢api121 ILJnds hpld by the Trust. being the 0qInal apilal of the Trust, adju51ed annually for income aiid fees related to capital and for inveslmenl gains and losses, in order lo preserve the income gpnpr1r ling capacity of the Trust. The anniial income gener31ed from the trust investments provides the means whereby the C arity is able lo fulfil it8 purposes,. all of the nel income lolher Ihaii gaiiib ond lossos on inveslm9nl*, nel of Investment management and other expense8 deemed lo be capital In nalurel 15 payable Id The National Library of Scotland. The Trust's reserves al 28 December 2024 were f_1,567,76&12023 £1,495,5341 The TruslppB are satisfied that this level of reserves is adequate lo allow the Society to Coll linue lo meii ils objeolives on an aniiual basis. Future Plans The Trustees look forward lo continuing lo support the work of The National Library of Scotla future years. d In Structure Governance and Maiia ement The Charity was established by Trust Disposition and Selllemenl dated 1 July 1964 and regisl in th9 Books of CounLiI dnd Session on 26 June 1996. red The Trustees who served during the period ol these Accounti are noted on Pdge 3., the Trust CÈed specifies that there will always be four Trustees.. the Chairman and Secretary of tho Boar Trustees aiid two iiidividual I"ruslees. In Rppoinling Trustees, the Board seeks lo mainla balance of Televanl 5kill% and experience, Ilie ex-nfficio TrLislees have no right lo obiecl lo the assumption of individual Trustees. New Iruslees receive cupie8 of the Trust Deed, Minutes nd Accounts and OSCR'S Guidance Appointments are not limited In lime. The TruslpÈ5, who have widp investment powers, meet anniially to review the finanrial noqilinh nf Ilie Tiusl and make decisions on the applicaliorTr of Income for charitable purposes -,15 Secretary and Treasurer ol Ilie Trust, administers the chaTily on a day lo day b&is. l %diliLones manage the inveslmenl portfolio on behalf of the Trustees. Detalls of Transactions with Related Parties 1£ one of the Trustees, is a partner in Ihe h'rm of Lindsay5 LLP Solicitors, i)aid for secretarial and adminislidlive support provided by said firm lo the Trust. The "I rLJslees have entered inlo the appropriate wrillen aqreemenl with Lindsays LLP with regard lo these services in compliance with the lerin5 of S.67 of the Charities and Trus Inv&.slmenl (Scoilandl Act 2005.
Reforence and Administrative Information Scottish Charity Number.. SCIX11958 Trustee5 Ndbonal Librarian ol the National Library ol Scotland hairman of the Boaid of Trustee5 01 the National L*)rary of Scolland Secretary and Treasurer C S Kennedy WS Legal Advlsers Lindsays LLP Caledonian ExGhange 19A Canning Street Edinburgh EH3 8HE Independ•.nt Fxaminp.r suii 14 F<ulland S"uarc C.dinburgh EH12BD iiiiows Limited Investsnent Managers Ralhbones George House 50 George Square Glasgow G2 1EH
ststement of Trustees, Res onsibilities The TTuslees are responsible for preparing the Report Oi the Trustees and the financial slalelnenls in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted AGGoJnling PracliGe). The law applicable lo charities in Scotland, the Cha'ilies and Trustee Investment Iscollandl Act 2005, Charities Accounts (Scotlandl Regulations 2005 {as amended) and the provisions Df the charity's coryslilution reqL51res the TTuslee5 to prepare financial statements for each financi4 year which give a true and fair view of the slate of affairs of the charity and ol the incoming res&r¢es and application of resources, including the income 3nd expenditure. of the Gharily for that riod. In preparing those finanaal slatemenls. the Tr(.'stees are required lo Select suitable accounting policies and then apply them consistenuy". ObseNe the methods and principles in the Chaiily SORP: Make judgements and eslimales that are reasonable and prudent., Stale whether applicable accounting standards have been followed, subject to any m departures disclosed and explained in the financial slatemenls", Prepare the linancial slalemenls on the going wncem basis unless il is inappropriate lo presume that the charity 'Nill continue in busine5S. erial The Trustees are responsible far keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and lo enable them to ensure that the financial slal&menls comply viilh tk,.e Chari:.ies and Trustee Investment (Scolland) Act 2005. the Charities Accounts (Scolland) Regulations 2006 las amended) and the provisions of the charity's conslilulion. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularlies Approved by the Trustees on 13" 4Y"I 2025 and signed on Ih*ir behalf by.
Profèssor T Graham Brown's Trust Independent Examiner's Report to the Trusteos For the year ended 28 December 2024 I report on the Accounts of the Charity for the yeai ended 28 December 2024 which are sel pages 6 10 12. ulon Respective responsibilities ol trustees and examiner The charity's Iruslees are responsible for the preparation of the accounts in accordance with the terms ol the Charities and Trustee Investment IS¢otlandl Act 2005 and the Charities Accounts {Scolland) Regulations 2006 las amended). The charity's Iruslees consider that the audit requirement of Regulation 1011 Ila) lo Icl ol the 2006 Accounts Regulations does not apply. It Is my responsibility to examine the accounts as required under sedion 44(1)Icl of the Act and to late whether particular mallers have corne lo my attention Basls of Independent examiner's statement My examination was carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review ol the accounting records kept by the charity and a Gotnparison of the a¢counls presented with those records. 11 also includes consideration DI any unusual items or disclosur08 In the accounts 2nd seekino explanations from you as Iru8lees concerning any such mallers. The procedures undertaken do not provide all Ile evidence, that would be required in an audit, and consequently I do not express an audit opinion on the blew given by Ihe accounts. Independent examiner'$ statement In the course of my examination, no matter has come lo my atlenlion-. {11 which gives rne reasonable cause to believe that, in any material respect, the requirement lo keep accounting records in accordance with Section 44111{al of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and to prepare accounts which accord Mith Ihe accounting records and comply with Regul 8 of the 2006 Accounts Regulations lion have llol been mel, or 12) lo which, in my opinion, allenlion should be drawn in arder lo enable a proper underslandiffj of ..r.-.ns',iil-, In -,,(: r(*flQ.kel 14 Rulland Square EdinbLJrgh EH1 2BD 2025
Professor T Graham Brown's Trust statement of Financlal A¢tivitios including Income and Expendlture Account For the year endod 28 December 2024 General Deslgnated Total fuiids 2024 2024 2024 2023 Notes Incoine from: Investments S2,605 52,605 54.614 Total incomg 52,605 52.605 54,614 enditure on.. Raising funds.. Investment management costs 11,202 11,202 13.083 Charitable aclivilies.. Cost ol grant making 52,605 1,869 54,474 56.fj95 Total expenditure 52,605 13,071 65,678 69,278 Net lexpendlturallincome and net movement in fund5 boforo Ilossosl and galns on Investmaiits 113,0711 113,071 I 114,6841 Other reco nlsed alns and losses Rerili%ed y¢iiii%lllossLisI un dibposal ol investments Unrealised gainslllossesl on investments 8,600 78,705 6,600 78,705 17,3211 73,444 85,305 85,305 66,123 Net movement in funds 72,234 72,234 51,459 Total funds broughl forward 1,495,534 1,495,534 ,444,075 Total funds carried forward 1,567,768 1,567,768 1,495,534 No trust acllvilies were acquired or discontinued during eilher of the two years. 'rhe Noles on Paoes 8 10 12 loim part ol these Financial Slalempnls
ProfessorT Graham Brown's Trust Balance Sheet As at 28 December 2024 2024 2013 Notes Fixed assets Investments 1,582.535 1,483,54 Current assets DebloTS Cash held by Lindsays Held by investment managers 3,257 81,961 7,523 3,31 32,69 32,16 92.741 68.18 Creditors- Amounts fallin due within one ear 1107,5081 {56,19 Net current assets (14,767) 11.98 Net assets 1,567,768 1,495,534, Total Chari Funds Unreslricled funds 10 1,567,768 1,495.534 Approv8.d h;, tkn T behalf È, 2025 and signed on their The Notes on Pages 8 10 12 form part of these Financial Slalements.
Professor T Graham Brown's Trust Notes to the Accounts For the year ended 28 December 2024 Princi al Accountin Policies lal Basis of preparatlon and assessment of going concern The accounts Ilinancial slalemenlsl h3ve been prepared under the historical cost Conv nlion with items recognised al cost or Irsnsaclion value unless otherwise slated in the relevan note lo these accounts and in accordance with the Statement ol Recornmended Prattice.. A¢coullling and Reporting by Charilios preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS1021 IS&ond edition October 20191, the Charities and Trustee Inveslmenl Iscollandl Act 2005 an the Charities Accounts Isctsllandl Regulations 2006 las amendedl. The Trust conslilule5 a public benefit entity as defined by FRS102. The Trustees consider there are no material uncertainties about the Trust's ability lo con as a going concern. inue Financial reporting standard 102- reduced dlsclosure exemptions The charity has taken advantage of the lollowing disclosure exemption In preparing these accounts, as permilled by the Financial Reporting Standard applicable in the United Kin om and Republic of Ireland IFRS1021". the requirements of Section 7 Slalement ol Cash Flows Icl Funds Structure All of the Charity's funds are unreslricled, the Tiuslees have chosen to designate the c funds of the charity to more clearly Identify the Incorne available lor dislribulion. All o Gharity's funds are available lo be used In furtherance of the charitable objects the Income Recognltlon All Incorne is iecognised once the charity has enlillement lo th8 income, it is probable tha income will be received and the amount of Income receivable can be measured reliably. the Interest on fund5 held on deposit is included when receivable and the amount ca easured reliably by the charity, this is normally upon nolifi¢ation ol the interest pai payable by the bank. Dividends are recognised Once the dividend has been declared nolilicalion has been received ol the dividend due. or nd lel Expendltura r&cognition Liabilities are recognised as expenditure as soon as there 15 a legal or constructive oblig commilling the charity to that expenditure, il is probable that selllemenl will be required Ihe amount of the obligation ¢an be measured reliably. ion nd All expenditure is accounted for on an 3¢¢ruals basis. All expenses including support c and governance costs are allocated or apportioned lo the applicable expenditure headi For more infoimalion on this allribulion refer lo note Ill below. 515 Grants payable are payments made lo a third party in the furtherance ol the charitable obj ol the Trust cls
Provisions for giants a made when the intention lo make a grant has been communic the recipient bul there 15 uncertainty as to the liming of the grant or the amount o payable. led to grant If) Irrecovèrable VAT Irrecoverable VAT is charged against the expenditure heading foi whi¢h it was Incurred. Igl Costs of generatlng funds The costs ol generating funds consist of investment management costs. Ihl Charitable activities Cosls ol charitable actEvilies include grdnls made. support and governan costs as sh(4vn in note 5. Support and governance Costs Support costs have been allocated beeen governance and other support osls. Governance costs Gomprise all cos15 involving the publi¢ accountability of the ¢harity ald Ils cornpliance with regulation and good practice. These costs Include c051s relai*l lo independent examination and an apportionment of overhead and 5UPPOrt CDSts. Goverrpnce costs and support costs relating lo chaiilable acb"vities have been apportioned beeen ndS based on an estimate by the Trustees The allocation of support and governance costs Is anatysed in note 6. ') Fixed asset Investments Investments ale a loim of basic financial instrument and are initially recognised al kheir Iransa¢lion value and subsequently measured al their fail value as al the balance Sheet dale using the G105ing quoted market price. The statement ol financial a¢livilies includes tha nel gains and losses arising on revaluation and disposals throughout the year. The Trust doe$ not 8¢quire put options. derivalwes or other complex frnan¢ial Instruments. The main form of financial risk faced by the charity Is that of volatility In equity markets and inve51menl maetS due lo wider economic conditions, the altitude ol investor5 to Investment risk. and chang s in sentiment ConMIng eqLJities and within parti¢Lblar seciors or sub sectors. Ikl Reall$ed gatns and 105se5 All gains and losses are taken lo the Statement of Financial Atlivities as they arise. Rea Sed gains and Stssses on Investrnenls are calculated as the difference belween sales procdeds and their opening carrying value or their purchase value if acquired Subsequent lo the lirseday ol the financial year. Unrealise(I gains and losse5 are ¢al¢ulated as the d1fference betvleen the fair value at the year end and their carrying value. Cash and Cash equlvalents Cash and cash equivalents are represented by cash in hand, dep05i15 held at call With fin8n¢ial inslitulions, and other short-term highly liquid investments that rnalure in no rrtore than three months Irorll the dale ol acquisition an¢J that are readily convertible lo knbwn amounts of cash with insignificant risk ol change in value.
Trustees and Em lo ees The Trust has no employee5 and Th)ne of the Trustee5 receiveis any remuneralion, nor were any expenses reimbursed 10 8ny ol Ihetn, duriTig Ihc current or previous year. a5 of (he Tiuslees, is a partner in the firm ol Lindsays LLP, Solicitors. lo which t. %v(.'relarial artd adminislralivo support provided by Said firm lo the Trust. The Trustees hdve elllered 15)lo liie appropri3le wrillen agreement wth Lindsays LLP with regard to these servi$ i cornpli3nGe wth the lertn5 01 S 67 of the Ch8rities and Trustee5 Inveslmenl (Scollandl Act 2005. Volunta income Total funds 2D24 Gènèral Doslgnat8d 20Z4 2024 202ty Investment in¢ome Dividends Interest on funds held by Linds8ys & Rathbones 50.846 1.759 50,846 1,759 49,170 5.444 52,605 52,605 54,614 Costs of raisin funds Total Gentrral D851gnatod 2024 2024 funds 2024 202 Investment managers fees 11,202 11.202 13,083 Charitable aetlvluès The charity ¢Jid not undertake any charitable activity directly but mel ils charitable purposes through granlmaking. In the terrns ol the Trust Oeed the net incorlle in each year 1$ payable a5 lollims." GenÈral Designated 2024 2024 Total 2024 2023 to The N3lioTI81 Library ol Scotland 50,736 50,736 53,034 Grant Making 50,736 50.736 53.034 Governance and support costs {Note 61 1,889 1.869 3,738 3.163 52,605 1,869 56,195 ID
Allocation of overnance and su ort costs Total funds General Designated 2024 2024 2024 23 Secretarial lees Accounting lees Independent Examination 954 229 954 229 1.908 458 688 686 1,372 1,869 1,869 3,738 Investments Investments at markèt value 2024 2013 As at 29 December 2023 Additions in period Dispo531 in peiiod Unrealised gainslllossesl durlng year 1,483.546 1,456,5 190,964 55.2 1170,6801 1101,69 78,705 73,4 As al 28 December 2024 1.582.535 1.483.5 All investrnenls were held in the UK and investments comprised MO thall 5% of the portfolio are sho below 202312024 Number Market Valup 2024 20 56,500 2,0 15.000 Artemis Global Incoffle I Inc Guiness A55el Managers- Global Equity Z JP Morgan GBL Growlh & In 80,603 92,652 87.750 65,5 81,5 75.6 Debtors 2024 202 Accrued investment income 3,257 Creditors 2024 202 Grants payable Accruals 103,770 3,738 53,0341 3,161 107,508 56.195
10 Anal sis of charitable funds Analysis of Fund Movements 2024 General Balance blf Income Expenditure Gains and losses Fund ¢lf 52.605 152,6051 Designated 1,4g5,534 113,0711 85,305 1,567,768 1,495,534 52,605 165,6761 85,305 1,567,788 Analysis of Fuiid Movements 2023 General Balance blf Income Expendlture Gains and losses Fund clf 54,614 154.6141 Designated 1,444.075 114,6641 66,123 1,495,534 1.444,075 54,614 169,2781 66,123 1,495,534 12