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 De￿rnber 2024 amouriled lo £1,567, 768 {2093 £1,495.534}. The Trustees are satisfied that adequate funds were available at the Balance S￿et 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 0￿qInal 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