## JR GIBB CHARITABLE 

TRUST SCO22298 

## TRUSTEES’ REPORT AND FINANCIAL STATEMENTS 

FOR THE YEAR 6™ APRIL 2024 TO 5™ APRIL 2025 

Reference and administration details 

Trustees: 

## Independent Examiner 

Morton Fraser MacRoberts, Solicitors, Capella, 

60 York Street, Glasgow. G2 8JX 

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2 

JR Gibb Charitable Trust 

$C022298 

## Report of Trustees for the year ended 5‘ April 2025 

## Structure, Governance and Management 

The Trust was established by Deed of Trust b known to most as Jim. The Deed of Trust was dated 15" September 1993, and registered in the Books of Council and Session on 19" January 1998. 

The trustees have the power to assume such individuals to act as trustees as they consider appropriate. 

The trustees all served throughout the year and do not receive any remuneration. In December 2024, the Trustees invited PO to become trustees, and in January 2025 they agreed. At the year end, the paperwork of that appointment was not complete, but the trustees expect it will be soon. 

The Deed of Trust gives the trustees wide discretionary powers in investment decisions. These have been delegated, by the trustees, to Rathbones Investment Management on a discretionary mandate, with a balanced objective between income and growth, and a Rathbones risk tolerance of 6, where1 is low and6 is high. Rathbones define this as: “appropriate for an investor with a high risk tolerance and aims to generate a return over the long term of 5% above the rate of inflation. A portfolio with this level of risk is likely to include a high exposure to shares and is expected to experience fluctuations in the value of the investments reflecting 90%-100% of the volatility of global equity markets. This approach can be suitable for investors with a 10 year plus time horizon and the capacity to suffer a permanent capital loss.” 

3 

JR Gibb Charitable Trust 

SCO22298 

The trustees continue their long relationship with Morton Fraser MacRoberts, engaging {EES independent examiner. In A3 on page 6, the sum shown for the secretary’s fee in 2024-5 covered two years (so, 2023-5). The independent examiner’s invoice had not been received at the year end. 

## Objectives and Activities 

The objectives of the trust are laid out in the trust deed. These are shown in Section C1. 

## Achievements and Performance and Financial Review 

The Trust continued to operate in a simple manner, received no fresh capital, but income from investments and cash was £7,562 (2024: £7,057). Grants amounting to £7,000 were made during the year (2024: £Nil) and details of these are in Section C2. 

The portfolio of the trust at the year-end had a market value of £192,292 (2024: £199,680), excluding cash, after some changes during the year as detailed in Section C6. 

There are no restricted funds. 

The trustees seek to ensure that suitable reserves are maintained to meet any ongoing administration expenses, and to respond to any extraordinary requests for funding which might be made. 

Due to the size and nature of the Trust, and the simplicity of these operations, the trustees have taken advantage of the Provisions for accounting for the Smaller Charity in the Charities Accounts (Scotland) Regulations 2006. This simplifies our reporting, as these accounts are prepared on a receipts and payments basis, and no items are accrued. 

4 

## Independent Examination 

The trustees retain Morton Fraser MacRoberts, as Independent Examiner, and his fee is agreed annually. 

## Declaration 

The trustees declare that they have approved the trustees’ report above. 

Signed on behalf of the charity’s trustees, 

eq sk Pi egotoyp bon 2025 

Date of approval 

## (trustee) 

5 

JR Gibb Charitable Trust 

S$C022298 

## Section A: Statement of Receipts and Payments 

Period start date Period end date From 06/04/2024 To 05/04/2025 

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||||||||
|---|---|---|---|---|---|---|
|Current year|Last|year|
|Al|Receipts|£|£|
|Dividends|6,933|6,654|
|Interest|629|403|
|A2|Receipts from|investment|sales|see C6|36,097|e)|
|Total|Receipts|43,659|7,057|
|A3|Payments|£|£|
|Grants|and|donations|see|C2|(7,000)|0|
|Secretary's fee|(2,400)|0|
|Investment|Manager's|charges|(641)|(613)|
|Independent Examiner's|fee|it)|(396)|
|(10,041)|(1,009)|
|A4|Payments|relating|to|investment|
|purchases|see C6|(38,852)|(9,761)|
|Total|payments|(48,893)|(10,770)|
|Net|receipts /(payments)|for the year|£ (5,234)|£|(3,713)|

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## Section B: Statement of Balances 

all funds are unrestricted 

|Bi Cash funds|Currentyear|Current year|
|---|---|---|
||£|£|
|Cash and bank balances at|||
|startofyear|7,113|10,826|
|Surplus/ (deficit) shown on|||
|receipts andpayment account|(5,234)|-3,713|
|Cash and bank balances at|||
|atend ofyear|1,879|7,113|
|B2 Investments|Market|Market|
||valuation|valuation|
||£|£|
|See Section C6|192,292|199,680|
|B3 Other assets|Current|Current|
||valuation|valuation|
||£|£|
||Nil|Nil|
|B4 Liabilities|Amountdue|Amount due|
||£|f£|
|Secretary's Fee|0|(1,200)|
|TotalValueoftheTrustatEndofYear|£194,171|£205,593|



igned on behalf of all the trustees b 

9 cH Mearesf 2ols. nee Date of Approval 

(trustee) 

7 

JR Gibb Charitable Trust $C022298 

Section C: Notes to the accounts (1) 

## C1 Nature and purpose of funds 

The Trust Funds are to be applied for charitable purposes, including the support of the RNVR Club (Scotland) Memorial Trust; the University of Glasgow Trust; the Faculty of Actuaries, Edinburgh; the RNLI (Scottish Branch); the Salvation Army, Scotland; and such other charitable institutions as the Trustees may deem worthy (in general, those involved in the care and/or education of children, and in particular "schemes and enterprises of a charitable nature which enable young people to learn about and experience sailing at first hand and to assist those who by infirmity of mind and body or because of financial restraints would otherwise be unable to participate in such schemes"). 

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C2 Grants<br>Current Year Prior Year<br>£ £<br>Help Musicians (Ch No 228089) (3,000) 0<br>RNLI (SCO37736) (2,000) 0<br>Ocean Youth Trust Scotland (SC029531) (2,000) ie)<br>(7,000) e)<br>c3 Trustee Remuneration<br>|c4 Trustee Expenses<br>No trustee receives remuneration or expenses.<br>C5 Transactions with trustees and connected persons<br>Nature of Nature of Transaction<br>relationship transaction amount<br>£<br>Graeme Dickee, Trustee, is employed by Rathbones, and the Management fees (641)<br>Trust pays their standard professional terms comprising Charge for Payment ie)<br>investment management fees. (641)<br>**----- End of picture text -----**<br>


8 

JR Gibb Charitable Trust 

$CO22298 

Section C: Notes to the accounts (2) 

## cé6 Other information 

- 

## Additional analysis 

## Investments in individual entities held at 5th April 2025: 

|||Year End|05/04/24|Purchases|Sales|05/04/25|Historic|
|---|---|---|---|---|---|---|---|
|||numberof|Market||proceeds|Market|Cost|
|||units|Value|seenote|seenote|Value|atyearend|
||||£|£|z|£|£|
|Fixed Interest||||||||
|Treasury4.125% Gilt29/1/2027||9,000|10,054|(2,508)|3,514|9,098|8,834|
|UK Equities||||||||
|Aberforth SmallerCos||675|9,167|||8,343|7,240|
|ABRDN||0|3,471||3,533||0|
|BP||1,950|9,869|||7,229|10,027|
|Diageo<br>Experian<br>GSK||0<br>400<br>560|11,398<br>16,955<br>9,125||9,464<br>3,671|12,984<br>7,938|0<br>988<br>8,032|
|Haleon||0|2,281||2,281||0|
|HSBC||1,204|7,722|||9,150|7,863|
|Mercantile InvTr||6,700|14,874|||14,070|10,883|
|Reckitt Benckiser||140|5,985|||7,115|4,831|
|Shell<br>Tate& Lyle||255<br>985|7,089<br>5,920|||6,328<br>4,888|5,532<br>6,433|
|Unilever||290|VE427|||13,613|2,567|
|Overseas Equities||||||||
|ABRDN Asian Income Fund||5,550|11,544|||10,823|9,955|
|Alliance Witan Trust||950|11,647|||10,279|6,037|
|Artemis Gbl Inc||11,100|14,692|||15,801|9,481|
|JP Morgan Gb!Growth||2,500||(14,740)||12,325|14,740|
|Natixis International Funds||1,750||(10,897)||10,777|10,897|
|PolarCapital TechnologyTrust|Trust|3,500||(10,708)||9,223|10,708|
|Sarasin Gbl Higher Div P|Inc|7,200|14,026|||13,774|8,471|
|SecTrust of Scot gibl Inc|& Grw|0|13,330||13,634|||
|WSSaracen InvFunds Global||8,656|9,404|||8,534|6,882|
||||199,680|(38,852)|36,097|192,292|150,399|



9 

JR Gibb Charitable Trust 

$C022298 

: ; 

## Section C: Notes to the accounts (3) 

|C6Continued<br>Additional Notes ee|Unitsin<br>transaction|Date||Cost|||
|---|---|---|---|---|---|---|
|Purchases<br>;|||||||
|Treasury4.125% Gilt29/1/2027|2,500||28/5/24|2,508|||
|JPMorganGbIGrowth|2,500||2/12/24|14,740|||
|Natixis International Funds|1,750||3/6/24|10,897|||
|PolarCapitalTechnologyTrust|350||29/5/24|10,708|||
|Sales<br>;|Units in|Date||Proceeds|HistoricCost|Profit (Loss)|
||transaction||||||
|Treasury4.125%Gilt29/1/2027<br>ABRDN<br>Diageo<br>Experian<br>Haleon|3,500<br>2,500<br>400<br>100<br>700||24/3/25<br>2/12/24<br>2/12/24<br>29/5/24<br>29/5/24|3,514<br>3,533<br>9,464<br>3,671<br>2,281|(3,435)<br>(6,761)<br>(1,842)<br>(247)<br>(1,782)|79<br>(3,228)<br>7,622<br>3,424<br>499|
|SecTrustofScot gibi Inc&Grw|6,200||29/5/24|13,634|(9,568)|4,066|
|||||||12,461|



Rathbones do not charge the trustees commision or transaction costs on sales or purchases. 

10 

$CO22298 

## JR Gibb Charitable Trust 

## independent Examiner’s Report to the Trustees of The JR Gibb Charitable Trust 

| report on the financial statements of the Trust for the year ended 5" April 2025, which are set out on pages 1 to 10. 

## 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) 2005 Act and the Charities Accounts (Scotland) Regulations 2006 (as 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 ofIndependent Examiner’s report 

My examination is carried out in accordance with Regulation 11 of the 2006 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 seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, | do not express an audit opinion on the accounts. 

## Independent Examiner’s statement 

In the course of 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 

- e to prepare accounts which accord with the accounting records and comply with Regulation 9 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. 

orton Fraser MacRoberts, solicitors, 

ti / rT Ver Date 

Capella, 60 York Street, Glasgow, G2 8JX 

eh