The Russell Lang Charitable Trust SC015665 Trustees, report and financial statements For the year 1st April 2024 to 31st March 2025
THE RUSSELL L4NG CHARITABLE TRUST SCOI5665 Reference and administration details Trustees: Administrator: Principal Address.. The Russell Lang Charitsble Trust, Indepp.nAant FyJmjDpr Cover 5how5 the characteristic "turned-in" toes seen as a result of the Fibrodwlasia Ossificans Progresslva gene mutatlon. )SCF olli5h (liar1 Regjlbi WAf oscr.OTg.u Regi5tereé Chatity SC1115665
THE RUSSELL LANG CNARITABLE TRiJST SCOl5665 Report ofTrustees for the year ended 31 March 2025 Structure, Governance and Management The Trust was established by Deed of Trust by Russell and Jenny Lang dated 28th March 1961 and registered in the Books of Council and Se55ion on 18th April 1961. The Trust received a large donation at its inception from them. th On 5 November 2016 the trustees, under an OSCR approved reorgani53tion, revlsed the trust deed for the first time slnce the inception, including a clarification to the objects of the trust. The trustees meet annually and communicate regulzrly. The trustees held their annual meeting by vldeo conferencing on 15 November 2024. Day to day adminlstration and account preparntlon is carried out by Power to appoint trustees, vests in the present trustees. The trust deeds provide for the trustees to rnake their own arrangements for conduct of meetings and for the appointment of a Chair. At our meeting on 15 Novernber 2024, we decided that Carina retsins the Chair until at least the end of our next AGM. The trustees note the paIng on 3rf April 2025, who was a trustee of this Charity from its inception through to November 2016. She is pictured beneath on a visit to Accord Hospice with the late a long-term friend through Paisley Abbey. Causes close to her heart over the many years were Paisley Abbey. The Society of Friends of Glasgow Cathedral. Accord Hospice, and FOP. Powers of investment and approach to risk Under the revised trust deeds, the trustees have the power to make any investment that they, in their discretion. see fit, °whether or not authorised by law for the investment of trust moneys". The trustees engage Rathbones of George House, 50 George Square, Glasgow G2 IEH, as investment
THE RUSSELL LANG CNARITABLE TRUST SC015665 managers on a discretionary client b3SiS, With our investment Strategy agreed at risk level 5 on Rathbones, scale of 1-6 where l is the most cautious. We are looking for a balanced return from income and capltal growth. The trustees note that the fee strurture with this approach has higher managementfees, but therÈ has been a corresponding elimination of commission on transactions. Obiectiiies and Activities The objects of the Trust are laid out in the original Trust Deed as revised by a Supplemental Deed dated S November 2016. These objects are reproduced In Section Cl. Ac4ievemerits and Performance It has become the policy of the trustees, following the example of the founders, to support causes where there is family interest and especially a direct connertlon. The trust does not solicit applications for donations. £1,51K) was earmarked in the financial year (2022-31 to Accord Hospice subject to a prior visit by o meet the new team in charge. That visit did not happen In thatfinancial year or this so the donation does not appear in these financial statements. Donatlons we chose to hlghlight in thls yearfs accounts: Church of the Living God. Westbury (Charity no 1135216) supports disaster recovery in the Philippines, which was hit by the super typhoon Haiyan (aka Yolanda) on 8 November 2013. A further super-typhoon {Odette) struck in December 2021. ho is trustee Visited the Phllippinesto review the Lang houses built using previous donations. As reported last year, we discovered the houses were severely tested by Super Typhoon Odette sweeping the area, with the concrete bases and some low walls survivin& but higher more perishable structures blown away. The cheaper materia15 of the roof and walls were available locally for any rebuilding work required, and that was offered as a focus of the 2023 donation. In the year 2024-5 we made two further donations of £15,000 to support the work rebuilding and building anew. The work is overseen by the Philippine Independent Catholic Church and the Archdiocese in Eastern Visayas and uses local materials, designs and volunteers, and complies with Philippine Govemrnent guidelines on Typhoon resistance. We requested contatt detsiis for a deputy to to act as Ilaison in the event the Archbisho is incapacitated. His son. a lawyer and seminarian, plu the bursar for the project, have agreed to act in that capacity. The trustees re-engaged deliberately with FOP Friends (Charity no 11477041 In the financial year. Thls Is a cause that is extremely close to the whole family's hearts a nd had this extremely rare and life limiting condition, and died from consequen$ of it in 1978, aged 36. The FOP Friends are a vibrant group and 3S led our initiative, with preliminary SUPPOrt of £5,0(X) this year. At our meeting in 2024, we agreed a further donation of £10,0 to support the reinstatement of their Family Weekend for the first time since the Covid pandemlc. It Is scheduled for September 2025 to Include a visit to West Midlands safari Park. Thi5 had not been paid out by ouryear end. but we expect it to be before our next meeting.
THE Ru55ELL L4NG CHAftITA8LE TRUST S_C015665 Glasgow Cathedral Festival is run by the Society of Friends of Glasgow Cathedral {SC006471). and the Festiv31 of Se tember 2024 went ahead with good audience numbers admired their brave programming, and thinks li is very Tr**f7foD.nii.T-r% much a Festival aimed at getting people into the Cathedral who would not otherwise a1ve there, and it is successfvl at doing this. Ticket sales were maintained this year. We increased our support a little from £3,CKJO to £3,500. We have been kept fully informed of the continuing plans by the young Festival team, and note that new leadership is coming into the Society of Friends, led now by the minister of the Cathedral. Iso attended the AGM of the Society of Friends of Glasgow Cathedral on our behalf. The Russell Lang Charitable Trust has been involved in the Festival since its inception. AzuKo is a UK based charity (Charity no. 11563541 working for the last 10 years on housing poverty in the UK and in Bangladesh using desi and participation (particularly by women as a tool lor sustainable developrnent. of our founders, has been a N'olunteeT trustee since March 2023. and has an engineering background. Our donation in 2024 was made througb Big Give, in an effort to double the amount AzuKo received in match¢d fimding. Emma expects to continue as a trustee in future, and this might be the start of a period of support for AzuKo. Details of all the actual donations during the financial year are given in Section C2. The trustees plan to continue to support some of these charities but have given no commitments to the causes concerned. Financial Reb'iew The total funds (including investments) of the Trust fell slightly around £718,000 at 31 March 2025 12024: £743,000). Income this year amounted to £24,CKX) (2024: £22.000) as dividend income continued at a lower level after the move to a le55 UK based portfolbo in the previous year. The hope is that a wider more internationalty spread portFolio will produce a hlgher level of capital returns to compensate for the dividend decrease. The Trust made new grants of £51,000 (2024: £24,975). Changes to the investment portfolio, made at the managerfs discretion. are shown In Sectlon C6. The entire fund and the income generated can be used by the trustee5 to fund grants to causes. The trustee5 aim to spend at leo5t the net income produced. Their investments and cash reserves are managed with that in mind.
THE RussELLLANG QHARITABLE TRLisr SC015665 Related Party Transactions Charity regulation stresses the importance of transparency in this type of transattion. The trustees draw attention to the details outlined in Section C5. IndeperideriL ExdlTiirialion c,f the Tru)t's Annual Report The trustees are very grateful t of Engage Renfrewshire who continues in her role a5 Independent Examiner. Herfee, £230 Sin 2020, payable to Engage Renfrewshire, will be £300 p.a. from 2025. Declaration The trustees declare that they have approved the trustees, report above. Signed on behalf of the charity'5 trustees
THE RUSSELL IANG CHARITABLE TRUST SC015665 Section A: Statement of Receipts and Payments Period start date 0110412024 Period end date 3110312025 From To Current year Last Year .41 Receipts Income from investrnents Interest (including from one year bond) 21299 20.076 23,876 21,698 A2 Receipts from as8¢t and investmeot Sales PffKeeds (net) from changes to investments see C6.2 092 Total R¢¢eipts 28.121 23.790 A3 Payments Grants and donations Investment Managcment fees Loan to Russell Lang Additional Trust tndependcnt Examincls Fees see C2 see C5 (51,000) (6270) {I,000) (24,975) (5.817) see C6.1 (58270) (31,022) A4 Payments relating to asset and investment movements Payments (net) from changes to investments Total ayments (58370 (31,022) Net receipts l(paymeDts) & Surplusl (deficit) for the year (30,149) (7,232)
THE FIU55ELL LAN.G CHARITABLE TRVST SC015665 Section B: Statement of Balances as 31 March 2025 all funds arc unrestricted Bl Cash funds Current yeAr Last Year Cash and bank balances at start of year Surplusl (deficit) Sho on receipts and payment account Cash and bank balances at at end of year 57,047 64,279 57.047 B2 Investments Market valuation Market valuation Scc Additional Analysis see C6.2 690516 686.184 l Other assets Current valuation Last Year valuation Loan to Russell Lang Additional Charitable Trust B4 Liabilities Amount due Last Year Independent Examiner's Fee see C6.1 230) Curre•t year LAst Year Total Funds Signed on behalf of all the tiiistees by Datc ot. Appro1
THE RUSSELL LANG CHARITABLE TRUST SCQ15665 Section C: Notes to the gecounts (l) Cl Nature and purpose of funds The objectives of the Trus¢ reproduced from the tn]st de¢d. are- To give fmancial aid towards the restoration. preservation, maintenance, improvement and decordlion (including weekly floral decoration) of cathedrals, churches, and olher rcligious bui Idings in Scotland belonging to the Church of Scoiland (including, but without prcjudicc to the foregoing generality, Glasgow Cathedral and Busby East Church, Busby, LAnarkshir¢) and other buildings belonging to such Church and used by Ministers and Church Officcrs and others includin& without prejudice to the foregoing generality, Manses and Church Halls. ii. To support the ministy of the Church of Scotland by providing funds for the employment of ministers, assistant tninister% and paid Church officials and sUp)rt workcrs (including contributions to pension schemes). iii. To give financial aid towards the musical services from time to time held in Gjasgow Cathedral whether by paying or contributing towards the salaries of or making payments to or for the benefit of singers, musicians or others or assisting societies or organisations fornied with or having such objects in vicw. iv. To &$si in the relief of sufTering. povcrty and nccd among widows and orphans. the old and persons who are physically incapacit(iicd or handicappcd in any way by making payTnents of money to such rSOn$ or to any chIlable bod), or trust having as its objects the relief of sufferin& poverty or need arnong such persons. C2 Grants Current Year Last Year Church of the Living GO W¢stbury Bagshot Tennis Club AzuKo FOP Society of Friends of Glasgow Cathedral Renfrewshire Disability Arts Forum (30,(M)O) 115.OQO) (1.474> (12500) (S.0) (3JOO) 13.500)
THE RUSSELL LANG CHARITAeLE TRUSr SC015665 Section C: Notes to the Accounts (2) C3 Trustee RemuDeratioD C4 Trustee ExpeDs&s No trustee receives remunerntion or ¢x ¢nses. C5 TrAns2etioDS wltb trustees and connected persons Transaction amount Nature of reLationship Nature of trnnsaction The Ru&8ell LaRg AdditiODal Cbaritable Trust is run in parallel to The Russell Lang Charitable Tn( set up in 1963, but with different objects. Loan to Additionabl Charitable Trusi £1,000 is our advisor at Rathbones. Rathb)nes F¢es deal with Rathbones at anns length. and on SLdard commercial ternis. C6.I IDd¢pendeDt Exarniner's fees f Engage Renfrewshire continues in this role. Her fc¢ has run since 2020 at £230 p.4 through to her revicw uf di¢ 2024 fmanc1 statements. This will increase to £300 ab the fee for 2024-5. io
THE RUSSELL L4Nfj CHARrrABLE TRUSF _ SCOIS665 Section C: Notes to the accounts (3) C6.2 Other infomation In*estments in imdividoAI eDtities held at Year End Year End number of units 31103ns Market Vallle Purchases Sales proceeds see note 31103124 Market Value sec note EQUITIES Managed Funds Alliance Witan Trst Berkshire Hathaway Inc B Com Blackro¢k Sm Cos Brown Advisory Funds Brunner IT City of London Inv Tr Guinness Asset Managemeot Henderson Far East Mercantile IT Polar Capital Sarnsin Inv Funds Schroder Ori¢ntal Inc Fund Smithson Inv Tr 3.700 20 I,IiJo 650 3,200 i 1.000 1.075 5.700 18.000 5.500 12,000 14,000 1,51)0 42,920 8252 13,486 15,037 40,960 49,720 33,708 12227 40,770 15J13 24.on 37240 21310 27288 73,800 (8.242) 14,630 (17.068) 41,760 44,550 32,151 12,654 41.220 (17,420) 24.072 36,190 21,420 Individual Companies Alphabet Jnc Astrazeneca Amazon Com Inc BP British American Tob¢0 CME Group Experian tntertek JP Morgan Chase Legal and General Microsoft Ne Persimmon Rkitt Benckiser Rio Tinto Roche Holdings AG Shell Siemens AG S&P Global Inc Unilever NV Visa tnc Weir Group 140 160 52 4,100 310 51 290 16,773 18006 10,994 26285 17.085 (8,465) 17 20,324 111,095) 4,743 13,85l 10,482 IOJ47 20.451 (10,715) 6,78l 15.454 12.163 1fi025 IIK179 9,422 S958 (11105) 16.790 35 {12263) 150 13.580 21234 6580 12,182 16,054 11.709 22,575 11,885 320 14.677 13.438 860 75 35 260 53 410 24395 13J22 13.778 11.986 14J90 (10.709) 3.156 14,482 8257 18.999 Carried Forward to next page 610.147 (119,609) 123.696 600.040 li
THE Ru55ELL LANG CHARITABLE TRUST S_C_015665 Section C: Notes to the aeeouDts (4) C6.2 Otber information conL. IAve5tmeDts In illdivldual eDlities held *t Year End Year End number of units 31103r25 Purcl Market Value Sales PToceeds see Dote 31103124 Market Value s¢e notc Brouglrt fotward from previous pa8e 610,147 (119.6Tr)) 123,696 600.040 ALTERNATtVES Greencoat UK Wind Ruffer Invesknent Co 14.0 6,900 15,078 19,113 19.474 18J54 BONDS 1250/0 Treasury 2027 4.125% Treasury 2030 4250/• TrgUry 2032 4.250/0 Treasury 2036 £0 £4.7) £15.0 £16,000 426 16,376 16261 15958 14W6 (135,877) 140,122 686,184 12
THE RUSSELL LANG CHARITA8LETRU5T -SC015665 Section C: Notes to the 2ceounts (S) C62 Other informalion eoDL.. Det¥ils of Sglo8 aDd Purchases Units Dealing Charges Histonc Cost (£) Date Sale8 A]phabct Gp 1.25 % Treasury 2027 Next liance Trust R¢¢kitt B¢nckiser S&P Global Inc Visa Inc Roche Holdings AG IDtertek Weir Group Next Visa Inc CME Group Next British Arnerican Tobacco 80 8.1)00 10,994 16,426 7,227 27,288 11,885 3,156 5,078 13,438 6,781 9.723 3,897 3.179 13.851 2,456 18106r24 18106114 19106124 19106124 19106r24 1311 Ir24 1311 l124 14111124 1411 I124 14111124 14111124 26103125 26103125 27103125 27103125 2,3(Kl 270 21 58 150 450 12 69 25 150 140,122 Units Consideration Purebases 4.25 % Treasury 2036 Microsoft Unilever Experian British American Tob¢0 Siern¢ns AG Legal and General £16.000 35 260 290 460 75 (16,268) (12263) (11,527) (10,715) (11,095) (10.709) (12.105) (8,465) (17.068) (8242) 18106124 18106124 I91024 19106124 19106124 19106124 13111124 13111124 15111124 26103125 27103125 4,100 3200 20 5,51J) Brown Advisory Berkshire Hathaway Cl B Polar Capital (135,877) 13
THE RUSSELL LANG CHARifABLE TRUST SC015665 Independent Examiner's Report to the Trustees of The Russell Lang Charitable Trust- SC015665 I report on the financial statements of the Trust for the year ended 31 March 2025, which are set out on pages I to 13. Respective responsibilities of trustees and examiner The charity's trustees are responsible forthe preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) 2CK)5 Act and the Charities Accounts {Scotlandl Regulations 2006 las amended). The charity 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 2005 Act and to state whether particular matters have come to my attention. Basis of Independent Examiner's report My examiriation is carried out in accordan with Regulation 11 of the 2006 Charities Accounts {Scotlandl Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented wlth 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 eviden that would be required in an audit and, consequently. I do not express an audit opinion on the accounts. Independent Examiner's statement In the course of my examination, rK) matter has come to my attention which gives me reasonable cause to believe that in any material respect the requirement5: to keep accounting records in accordance with section 4411> la) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and to prepare accounts which accord wlth the accounting records and comply with Regulation 9 of the 2006 Accounts Re8ulations have not been met. or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. ngage Renfrewshire, 10 Falcon Crescent, Paisley PA3 INS 14