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,
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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 pa￿Ing o￿n 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
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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 a￿1ve 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. Appro￿￿1

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 ch￿Ilable 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 SL￿dard
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 Tr￿st
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
R￿kitt 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/• Tr￿gUry 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
I910￿24
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