**REGISTERED CHARITY NUMBER: SC007597** ## **REPORT OF THE TRUSTEES AND** ## **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **FOR** ## **THE M.L. MACINTYRE BEGONIA TRUST** Kathleen Benham CA Benham Conway & Co Chartered Accountants 16 Royal Crescent Glasgow G3 7SL **THE M.L. MACINTYRE BEGONIA TRUST** **CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 31 December 2024** ||**Page**| |---|---| |**Report of the Trustees**|1 to 2| |**Independent Examiner's Report**|3| |**Statement of Financial Activities**|4| |**Balance Sheet**|5| |**Notes to the Financial Statements**|6 to 9| |**Detailed Statement of Financial Activities**|10| **THE M.L. MACINTYRE BEGONIA TRUST** **REPORT OF THE TRUSTEES For The Year Ended 31 December 2024** The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The Trust principally supports postgraduate scholars in research training towards the degree of PhD and the study of any aspect of the genus Begonia and its relatives. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** There were no calls for support of the Glasgow Botanic Gardens over this period. Following the 2024 AGM, the Trustees agreed to review options to change the Trust investment manager and widen the scope of the bequest to better support Begonia research in relation to climate change (to be discussed at 2025 AGM). The Trust continues to support a PhD student, , who is jointly supervised between members of the RBGE in Edinburgh and the Plant Science Group at Glasgow. A summer internship at the Glasgow Botanic Gardens was supported by the Trust in support of the Begonia collection. ## **FINANCIAL REVIEW** ## **Reserves policy** The trustees approve the level of reserves held by the charity, and are satisfied that these will be sufficient for the charity to achieve its objectives in the following financial year.The major expenditure of the Trust relates to the Begonia Trust studentship, funded at the University of Glasgow and costed at the standard level of UK research council studentships. Occasional requests are made to the trustees for minor expenditure in relation to expeditionary travel and in support of the National Begonia Collection at the Glasgow Botanic Gardens. Thus, calls on the reserves can be anticipated with considerable accuracy year on year. The end of year balance sheet is required 6 months prior to the main payment of each PhD grant (Aug/Sept). When this has just been paid, the cash in bank is then at its lowest then it builds up ¼ by ¼ until the next grant payment. If cash reserves are £35K at the end of the year then this reflects £25K when the grant is paid, therefore we need a minimum of £10K to deal with unforeseen elements. The need is to hold enough cash to pay one year of a student grant. If not, then we have the ability to transfer assets from capital to the current account or delay the start of a new studentship by one year. These are suggestions as we are not at this point yet. We have maintained this order of reserves in cash over the last few years year on year and it has worked well. It is recommended that we review this policy and carry this forward as an operational procedure. ## **FUTURE PLANS** The Trust discussed opportunities to expand its roles in support of the Begonia collections at the Glasgow Botanic Gardens and in support of education. It was agreed at the AGM to revisit these discussions at regular intervals. However, given the current state of the Trust funds, it was agreed that the present level of activity, with occasional overlaps between PhD students, is appropriate and sustainable for the Trust. Under the guidance of MLMBT Trustee The Chair, and the Treasurer met to discuss a possible transfer of the Trust to another fund manager, which could offer more flexibility as regards ethical portfolio holdings and possible slight improvement in income generation. The team met with two investment management firms with charity expertise, and the summary of discussions prepared by David MacNeil will be included in the AGM papers. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. ## **Recruitment and appointment of new trustees** Under the constitution, there are three ex-officio trustees, being the Curator and General Manager of the Botanic Gardens, Glasgow, the Regius Professor of Botany, University of Glasgow and the Director of the Department of Land Services ( Parks and Recreation), City of Glasgow. The Trustees have power to appoint from time to time a further trustee or trustees. At present, there are seven such Trustees. Page 1 **THE M.L. MACINTYRE BEGONIA TRUST** **REPORT OF THE TRUSTEES For The Year Ended 31 December 2024** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Risk management** The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** SC007597 ## **Principal address** ## **Trustees** ## **Ex-Officio Trustees** Ex-Officio Trustee, Regius Professor of Botany and Head of Plant Science (Secretary) (elected December 2013) Ex-Officio Trustee, Parks & Environment, Glasgow City Council (elected May 2021) Ex-Officio Trustee, Manager of Glasgow Botanic Gardens (elected May 2021) Chairman) Ex-Officio Trustee (elected November 2023) ## **Elected Trustees** (elected May 2015) (elected May 2016) (elected May 2018) (elected September 2020) (Treasurer) (elected May 2022) (elected September 2022) ## **Independent Examiner** Benham Conway & Co Chartered Accountants 16 Royal Crescent Glasgow G3 7SL ## **Stockbrokers** Barclays Wealth 1-4 Clyde Place Lane Glasgow G5 8DP Approved by order of the board of trustees on 27 June 2025 and signed on its behalf by: - Trustee Page 2 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE M.L. MACINTYRE BEGONIA TRUST** I report on the accounts for the year ended 31 December 2024 set out on pages four to nine. ## **Respective responsibilities of trustees and examiner** The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) 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 the independent examiner's report** My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. 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 seeking explanations from you as 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 connection with my examination, no matter has come to my attention : - (1) which gives me reasonable cause to believe that, in any material respect, the requirements - to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and - to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations have not been met; or - (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. The Institute of Chartered Accountants of Scotland Benham Conway & Co Chartered Accountants 16 Royal Crescent Glasgow G3 7SL 27 June 2025 Page 3 ## **THE M.L. MACINTYRE BEGONIA TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 December 2024** |**31.12.24**
**Unrestricted**
Notes
**funds**
**£**
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**25,960**
**EXPENDITURE ON**
**Charitable activities**
Direct charitable expenditure
**28,721**
Net gains on investments
**32,125**
**NET INCOME**
**29,364**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**841,488**
**TOTAL FUNDS CARRIED FORWARD**
**870,852**|31.12.23
Total
funds
£
23,977| |---|---| ||48,987| ||45,898| ||20,888
820,600| ||841,488| The notes form part of these financial statements Page 4 ## **THE M.L. MACINTYRE BEGONIA TRUST** ## **BALANCE SHEET 31 December 2024** |**FIXED ASSETS**
Notes
Investments
5
**CURRENT ASSETS**
Cash at bank
**CREDITORS**
Amounts falling due within one year
6
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
Unrestricted funds
7
**TOTAL FUNDS**|**31.12.24**
**Unrestricted**
**funds**
**£**
**837,505**
**34,935**
**(1,588)**
**33,347**
**870,852**
**870,852**
**870,852**
**870,852**|31.12.23
Total
funds
£
807,878
35,153
(1,543)
33,610
841,488
841,488
841,488
841,488| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 27 June 2025 and were signed on its behalf by: - Trustee The notes form part of these financial statements Page 5 **THE M.L. MACINTYRE BEGONIA TRUST** **NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 31 December 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Fixed asset investments** Listed investment are held at market value. ## **2. INVESTMENT INCOME** |**INVESTMENT INCOME**||| |---|---|---| ||**31.12.24**|31.12.23| ||**£**|£| |Investment income|**25,960**|23,977| continued... Page 6 **THE M.L. MACINTYRE BEGONIA TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2024** ## **3. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. ## **4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ||Unrestricted| |---|---| ||funds| ||£| |**INCOME AND ENDOWMENTS FROM**|| |Investment income|23,977| |**EXPENDITURE ON**|| |**Charitable activities**|| |Direct charitable expenditure|48,987| |Net gains on investments|45,898| |**NET INCOME**|20,888| |**RECONCILIATION OF FUNDS**|| |Total funds brought forward|820,600| |**TOTAL FUNDS CARRIED FORWARD**|841,488| |**FIXED ASSET INVESTMENTS**|| ||Listed| ||investments| ||£| |**MARKET VALUE**|| |At 1 January 2024|**807,878**| |Additions|**29,627**| |At 31 December 2024|**837,505**| |**NET BOOK VALUE**|| |At 31 December 2024|**837,505**| |At 31 December 2023|807,878| ## **5. FIXED ASSET INVESTMENTS** There were no investment assets outside the UK. continued... Page 7 **THE M.L. MACINTYRE BEGONIA TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2024** ## **5. FIXED ASSET INVESTMENTS - continued** Cost or valuation at 31 December 2024 is represented by: |||**Listed**| |---|---|---| |||**investments**| |||**£**| |Valuation in 2024||**176,980**| |Cost||**660,525**| |||**837,505**| |**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||| ||**31.12.24**|31.12.23| ||**£**|£| |Other creditors|**1,588**|1,543| ## **6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ## **7. MOVEMENT IN FUNDS** |**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
Incoming
resources
£
General fund
**25,960**
**TOTAL FUNDS**
**25,960**|At 1.1.24
£
**841,488**
**841,488**
Resources
expended
£
**(28,721)**
**(28,721)**|Net
movement
At
in funds
31.12.24
£
**29,364**
£
**870,852**
**29,364**
**870,852**
Gains and
Movement
losses
in funds
£
£
**32,125**
**29,364**
**32,125**
**29,364**| |---|---|---| ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Net
movement
At
At 1.1.23
in funds
31.12.23
£
£
£
820,600
20,888
841,488
820,600
20,888
841,488| |---|---| continued... Page 8 **THE M.L. MACINTYRE BEGONIA TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2024** ## **7. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: ||Incoming|Resources|Gains and|Movement| |---|---|---|---|---| ||resources|expended|losses|in funds| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|23,977|(48,987)|45,898|20,888| |**TOTAL FUNDS**|23,977|(48,987)|45,898|20,888| ## **8. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 December 2024. Page 9 **THE M.L. MACINTYRE BEGONIA TRUST** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 December 2024** ||31.12.24|31.12.23| |---|---|---| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Investment income**||| |Investment income|**25,960**|23,977| |**Total incoming resources**|**25,960**|23,977| |**EXPENDITURE**||| |**Charitable activities**||| |Research grants|**24,986**|45,473| |Travel expenses|**234**|229| |LEI registration fee|**60**|60| ||**25,280**|45,762| |**Support costs**||| |**Governance costs**||| |Accountancy|**954**|954| |Stockbroker fees|**2,487**|2,271| ||**3,441**|3,225| |Total resources expended|**28,721**|48,987| |**Net expenditure before gains and losses**|**(2,761)**|(25,010)| |**Realised recognised gains and losses**||| |Realised gains/(losses) on fixed asset investments|**32,125**|45,898| |**Net income**|**29,364**|20,888| This page does not form part of the statutory financial statements Page 10 .L. MACINTYRE BEGONIA TRUST RegisteTrd offica.. M.L. Maclntyrè Begonia Trust, Offices of the Ganeral Manager, Glasgow Botanic Gardens, 730 Great Westem Road, Glasgow G12 OUE Scottish Chan'ties no. SC007597 Annual Gènèral Meatlng 27 June 2025. 10 am, Teams. NOTE Apolcgies.. Actlon Minutes of previous m8&ting approvèd (Appendix 1) MJ Matters Arising began by asking the trust8es whether they would aoree to support amo est extension for a PhD student in Prof. lab (Appendix 2)- The overarching aim of the project is to deve opa or creating genetically modified Beqonias. potentially paving the way for future research directions. added that supporting postgraduate scholars falls within the terms o equest. After some discussion among the trustees and consideration of tax implications, the board decided to support this short-temi postdoctoral position with funding of up to £12,500. MJ Treasurnr Matters- provided the board with an overview of the accounts and repo ppendix 3), explaining that the accounts remain straightforward. First of all, highlightéd that the cash reseN&s are healthy, with £42,000 curren yin ank. However, due to increasing year on year uncertainty regarding the income of the Trust, suggested that the board consider strategies to protect from downside, Increase the Trust flexibility, and engage more proactively with the wealth managers. Thanks to the lack of complexity in the ways Barclays has managed the funds. the total funds carried forward are healthy, and thera have been fewer calls on income this past year. Despite this, commented that the Trust's core activities remained consistent year over year, with the exception of the student intamship funded for £1,500 and any other calls on fijnds wer8 mada to maintain the operations of the Trust. concluded the ovetview nolino that last yearfs direct charitsble expen ure was nearly £29,000 recommended to keep this figure in mind as the Trusts plans future SUPPK)rt or ￿th regular scholarships and exceptional research projects. asked the Trustees to accept the accounts and the board approve MJIGV Trustse Matters intrcmjuced the next agenda it8m rèminding tha Trustees that Iscussions had taken ￿ace the previous year regarding the potential transfer ofthe Trust's assets to a different fund manager. He emphasised that any such decision should align with the goals of the Charity, and théréfore, avoiding investments in fossil fuels or any sectors that could Ihreaten the existence of Begonias. Unfortunately, Barclays didn't offer any flexibility in temis of which sectors to invest in. concluded explaining that a review of the wealth manaqement provision as been carried out for the Trust, then asked to illustrate these new options (Appendix 4). explained that four different wealth managers were originally consi ere representing both large and small firms. However. only Iwo were shOt￿lsted for Trustees, decision: Rathbones and Whitman. explained the board that Rathbones can avoid investing in environmen harmful sectors, but the service they offer is quite similar to Bardays as the investments will be concentrated into one fund. added that Rathbones does not offer potential for growth or increased Income for the Trust. then introduced Whitman, hiqhlighling that the fimi is owned by its manager, a positive indicator in 's experience, of higher aGcKJuntability. The proposal pres8nted by this sma er fimi was vary flexible, offering a strong personal relationship wth the manager and greater liquidty in the Tnjst's bank account, which could allow for reinvestment after capital growth. A summary of costs, dividend income, yield, and comparisons can be found on page 2 of Appendix 4. They cautioned that dividend yields and income are subject to market fluctuations. concluded by noting that although Rathbones offers more competitive fees, t eir yield is the lowest and lacks growth potential. In contrast, Whitman's higher fees are offset by increased income and the added value of flexibility and personal service. raised a question about the sècurity of th8 funds. responded ey advantage of a smaller firm like Whitman is the use o nominee companies to hold investors, assets. which are separate legal entities. This means that in the ev8nt of banknJptcy, the funds would remain accessiblè and could be transferred to another broker. also proposed that, as a precaution, they would personally review e accounts of both the custodian and the wealth management fimi. DM inquired about the costs associated with transferring the asse explained that Barclays will liquidate the investments withnoc arges. e cash will than be transferred and there is a small charge associated with investing the money. proposed to assist in this tssk, given their experien￿ with asset transfers. GVIDM then conduded the discussion stressing the flexible approach ere hitman and how the ethical considerations are addressed by choosing this wealth management firm. called the Trustees to vote about transferring the Trusl assets to Whilman. rustees agreed. noted that the Trust holding reports from Barclays had already een Iscussed and moved on to the last point on the Trustee matters.. the possibility to expand the terms of the bequest. explained that the current temis of the Trust are quite specific, supporting research projects based in Glasgow with a strong Begonia component. He then invited elaborate on the implications of expanding the remit, given her prior involvement in a similar process. clarified that while tha infomiation available is not official. it appears t al many small and medium-sized trusts within the university are seeking to amend their terms. Due to the volume of requests. the University's legal team has passed the matter to the Finance Departmant, which has yat to provide guidan￿. apologised for the lack of further infomiation and invited the Trustees lo Iscuss what they would like the Trust's remit to include. raad the objectives and aims of the Trust as stated on the top sec iono nnual Report (appendix 3). "The Trust principally supports postgraduate scholars in research training towards the degree of PhD and the study of any asp8Ct of th8 genus Begonia and its relaliv8S.- thèn added that there is a second objective, which is to support t ion at the Glasgow Botanic Gardens. (For referen￿ to the full list of aims and objedives, please see the Constitution dooJm8nt attached with the notasl then asked whether the Trustees agreed with the interpretation that egonia research could be supported anywhere in the UK. agreed. while clariffied that the only slipulation is t att student must e regis ered at the University of Glasgow, meaning al least one supervisor must be based there. then asked for views on expanding the remit to indude related species. explained that around 2008, the Trust's Constitution was amende oinc e all aspects of Begonias and their relatives, provided the research remains relevant to Begonias. Giovanna reminded the Trustees that the motivation for exploring a broader remit was to assess whether it could improve the quality and number of applicants. She also raised the possibility of supportinq habitat and anvironmental studies that o)uld impact Begonia species. noted that the Trust has previously supported environmen ies in Malaysia, including the collertion and documentation of B8gonia habitats. added that th8 previous broadaning of the remit remains appropriate an at much of the work in Edinburgh focuses on habitat and wnservation. He concluded that although the field is small. it remains a healthy area of resaarch. concluded that, based on the discussion, there is no need to further e Trust's remit and moved on to the next agenda item. amen Student Matters began wilh an update on progress, who is now entering ou year of her PhD. He noted has been performing very w811 and suggested it was time to consider whe er the Trust should advertise another studentship for the October 2026 intake. The discussion opened with the question of whether lo begin funding a new studentship in 2026 or lo pause for a year, allowinq the capital lo grow, and then resume funding in 2027. The board asked for an opinion on the financial health of the Trust. confime alt ere were no concems regarding the Trust's finances. s a result, the Trustees voted in favor of recruiting a new student in October 2025 for an October 2026 start. will circulate draft text to the board members for the advertisement. MJ then asked if the Trustees could be more involved in the interview process. er a brief discussion of the practicalities, the board agreed to revise the interview process to accommodate this request. MJ AOCB annoUn￿d their upcoming retirement in January 2026. The recrui men process for their replacement is currently underway. explained that once the new appointee is in post. there will be a Iscussion about whether thev wish lo join the Trust or if another candidate should be considered. concluded by thanking the Trustees and reflectinq on how rewarding it as een to work with them. All Trustees congratulated and expressed their gratitude for their service to the Trust. Lastly. asked if there is anythinq that the Trust can do to support the Glasgow anical Garden. suggested Ihat fomialising the process for the summer internship wou e good idea. then asked to provide some draft text around the summer Internship as we sasanyo er suggestions for additional financial support the Trust could offer for the conservation of the Begonia Collection. ASIMJ Date of next meeting.. The board agreed to meet again towards the end of June 2026. Signed.. air, acintyre Begonia Trust