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← Brown Forbes Memorial Fund

2025-04-05-accounts

Docusign Envelope ID: D78B5421-AODD-4683-9CFA-F4DA73FBA90C

F10013.1001/TZH/AJXM/AIG

S\@ O ShepherdWedderburn +

THE BROWN FORBES MEMORIAL FUND

Accounts

For The Year Ended

5 April 2025

Registered Scottish Charity No: SC029353

F10013.1001 The Brown Forbes draft 2025 accounts(1011782717.1)

Docusign Envelope ID: D78B5421-AODD-4683-9CFA-F4DA73FBA90C

THE BROWN FORBES MEMORIAL FUND

Contents

Page

Docusign Envelope ID: D78B5421-A0DD-4683-9CFA-F4DA73FBA90C

THE BROWN FORBES MEMORIAL FUND

General Information and Report of the Trustees

For Year Ended 5 April 2025

Reference and Administrative Information

Charity Number: $C029353
Address of Principal
Office:
Trustees:
Bankers: Bank of Scotland
33 Old Broad Street
London
PO Box 1000
BX2 1LB
Solicitors and Shepherd and Wedderburn LLP
Administrators: 1 West Regent Street
Glasgow
G2 1RW
Independent Examiner:
Wbg Services LLP
168 Bath Street
Glasgow
G2 4TP
Investment Manager: Evelyn Partners Investment Management LLP
177 Bothwell Street
Glasgow
G2 7ER
Structure, Governance and Management
Overview: The trustwas established under the Will ofthe late Janet Robertson Brown, Will
dated 24 August 1995 and registered in the Books of Council and Session on 12
June 1998.
Miss Brown died on 10 June 1998.
Charitable Status: The trust is a registered Scottish charity. As such, the trustees must ensure the
circumstances and operations ofthe trust continue to meet the charity test and the
trustees are required to comply with their statutory duty to supply information to the
ScottishCharityRegulator,theOfficeoftheScottishCharityRegulator.

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Docusign Envelope ID: D78B5421-AODD-4683-9CFA-F4DA73FBA90C

THE BROWN FORBES MEMORIAL FUND

General Information and Report of the Trustees

For Year Ended 5 April 2025 (Contd)

Structure, Governance and Management (Contd)

Tax Status: The trust is recognised by HM Revenue & Customs as a charity for tax purposes and as such is exempt from income and capital taxes, and stamp duty. Tax repayment claims are submitted under the reference CR47712. Trustee Tenure: On the basis of trustee appointment, there is no predefined period. The power to appoint new trustees is reserved to the trustees in office. New trustees are appointed on the basis that the trustees wish to ensure that the range of skills available within the body of the trustees reflects the need to have knowledge of conservation matters, investment practice and policy, financial and accounting issues, and legal obligations. The induction process involves awareness of a trustee's responsibilities, the governing document, administration procedures, and the history of the charity. A new trustee should receive a copy of the previous year's accounts and also an extract from the Charities and Trustee Investment (Scotland) Act 2005 relating to charity trustees.

Objectives of Trust

Trust Objectives: The objects of the trust are to provide assistance to charitable organisations concerned with the preservation or re-instatement in Scotland of the natural beauty of the countryside, the coastline, and any gardens or their wildlife, and to encourage and promote the enjoyment thereof and the involvement therein of members of the public, including also the preservation or restoration of historic buildings in the ownership of a charitable organisation. Grant Making Policy: |The trustees meet on a regular basis to consider applying the trust funds in furtherance of the charitable objects of the trust and any surplus income available at the end of an accounting period will be paid out to good causes in a future year. Financial Review Overview: The period closed with total assets of £1,879,566 (2024; £1,937,306) including a debtors figure of £860 (2024; £860). Investment income and bank interest amounted to £54,852 (2024; £57,547). Excluding investment movements, total payments amounted to £60,248 (2024; £99,015) including charitable payments amounting to £34,548 (2024; £74,000). The trustees report a deficit for the period of £26,504 (2024; £796 deficit).

The trustees note the performance of the trust portfolio over the period. Overall investment losses for the period were £52,344 (2024; £29,078 gains) which reflects the general economic and market sentiment over the year. The trustees will continue to monitor the performance of the trust portfolio and take action as necessary. The timing of the accounts coincided with the knee-jerk drop in the markets following President Trump’s ‘Liberation Day’ announcement of global tariffs. It is worth reporting that global equity markets have recovered ground since 5 April 2025.

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Docusign Envelope ID: D78B5421-AODD-4683-9CFA-F4DA73FBA90C

THE BROWN FORBES MEMORIAL FUND

General Information and Report of the Trustees

For Year Ended 5 April 2025 (Contd)

Financial Review (Contd)

Investment Policy: In accordance with the governing document and statutory provision, the trustees
have the power to invest in such stocks, shares and investments in the United
Kingdom or overseas as they in their sole discretion think fit. The trustees have
retained Evelyn Partners Investment Management LLP to manage the trust portfolio
on a discretionary basis. The investment objective is to achieve a steady return from
assets in the long term. The return is a mixture of current income from interest and
dividends, supplemented by capital gains. The intention is to generate this from a
medium risk portfolio of assets. No investments should be made in coal, gambling,
oil, or tobacco companies.
Reserves Policy: It is the policy ofthe trustees to maintain sufficient cash balances to meet grant
commitments likely to be paid over the coming yearwhich have been pledged but
remain unpaid at the end ofthe accounting period. The trustees have absolute
discretion to apply both income and capital in furtherance ofthe charitable objects of
the trust. The total cash balance of£83,150 at the end ofthe period is sufficient to
cover the end ofyear liabilities figure of£29,934.
Charitable Activities During the year the trustees met on three occasions to review the progress ofthe
During Year: existing projects and also to consider fresh applications for funding. Three charitable
payments were made following receipt of satisfactory reports and these are set out in
note 4 to the accounts.
Risk Review
Risk Management The trustees have assessed the major risks to which the charity is exposed, in
Policy: particular those related to the operations and finances ofthe trustand are satisfied
systems are in place to mitigate exposure to the major risks.
Related Parties: No remuneration was paid to any trustee (2024; £nil). No expenses were claimed
(2024; £nil).
Plans for the Future The trustees do not anticipate any material changes to the operations ofthe charity in
the forthcoming year. A review ofthe cash position will be undertaken as and when
required.

Approved by the trustees and signed on their behalf:

Signed: ee kee ececeeeeeeeceececeeceeeeceeeeeeees

Signing. date: cece6th ceceOctoberee ceeecececeeeeeucecececeseceeeeeneeeeseeeeeceseeeneneeceseeeeecerereneeeess2025

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Docusign Envelope ID: D78B5421-AODD-4683-9CFA-F4DA73FBA90C

THE BROWN FORBES MEMORIAL FUND

Statement of Receipts and Payments for the year ended 5 April 2025

==> picture [480 x 481] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Note|2025|2024| |£|£| |Receipts| |Incoming|resources|from|generated|funds:| |Investment|income|payable|during|year|2|53,467|56,284| |Bank|interest|2|1,385|1,263| |Total|incoming|resources|54,852|57,547| |Payments| |Costs|of generating|funds:| |Investment|management|costs|3|(12,109)|(11,480)| |Charitable|activities:| |Grants|paid|4|(34,548)|(74,000)| |Support|costs|5|(6,575)|(6,575)| |Governance|costs|6|(7,016)|(6,960)| |Total|resources|expended|(60,248)|(99,015)| |Net|(outgoing)|resources|before|asset and| |investment|movements,|and|transfers|(5,396)|(41,468)| |Asset|and|investment|movements| |Proceeds from|sale|of|investments|7|334,300|148,601| |Purchase|of|investments|7|(355,408)|(107,929)| |Net|(payments)|after|asset|and|investment movements|(26,504)|(796)| |Transfers|to/(from)|funds|-|-| |(Deficit)|for year|(26,504)|(796)|

----- End of picture text -----

All movements relate to unrestricted funds

The notes on pages6 to 9 form part of these accounts

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Docusign Envelope ID: D78B5421-AODD-4683-9CFA-F4DA73FBA90C

THE BROWN FORBES MEMORIAL FUND

Statement of Balances as at 5 April 2025

Note 2025 2024
£ £
Funds reconciliation
Cash at bank and in hand 05/04/2024 109,654 110,450
(Deficit) for year (26,504) (796)
Cash at bank and in hand 05/04/2025 83,150 109,654
Represented by
Bank accounts 8 83,150 109,654
Other Assets
Investments at market value 7 1,795,556 1,826,792
Debtors 9 860 860
1,796,416 1,827,652
Liabilities
2025 2024
£ £
Shepherd and Wedderburn LLP fee 10 (2,400) (3,020)
Wbg Services LLP, Independent Examiner fee 10 (696) (660)
Grants outstanding 10 (46,838) (28,466)
(49,934) (32,146)

All funds are unrestricted

The notes on pages 6 to 9 form part of these accounts

Approved by the trustees and signed on their behalf:

Signing date: 230d OO covcevesressesiesvesvesesveseeseeresseeresiesseesesvesven 2025

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Docusign Envelope ID: D78B5421-AODD-4683-9CFA-F4DA73FBA90C

THE BROWN FORBES MEMORIAL FUND

Notes To The Accounts

For The Year Ended 5 April 2025

These Accounts have been prepared on a Receipts and Payments basis in accordance with the Charities and Trustees Investment Act (Scotland) 2005 and the Charities Accounts (Scotland) Regulations 2006.

Income is included in the Statement of Receipts and Payments on a cash basis. The following specific policies are applied to particular categories of income:

Resources Expended

Expenditure is recognised on a receipts and payments basis. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates:

Investments

Investments are included at market value at the year end, with investment sales and purchases reflected through the Statement of Receipts and Payments.

2 Investment Income

Investment Income
2025 2024
UK dividends £ 24,621 £ 25,819
UK interest 12,692 14,830
Overseas dividends 10,840 10,735
Overseas interest 5,314 4,900
Bank interest 1,385 1,263
£ 54,852 £ 57,547

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Docusign Envelope ID: D78B5421-AODD-4683-9CFA-F4DA73FBA90C

THE BROWN FORBES MEMORIAL FUND

Notes To The Accounts

For The Year Ended 5 April 2025 (Contd)

3 Costs of Generating Funds

Costs of GeneratingGenerating Funds
2025 2024
Investment Management Costs:
Evelyn Partners Investment Management LLP:
Fees to 05/04/2025 (inc VAT) £ 12,037 £ 11,408
Legal Entity Identifier renewal fee 72 72
£ 12,109 £ 11,480
4 Grants paid
2025
Eadha Enterprises, Pennyvennie Farm project £ 6,100
The John Muir Trust, Ben Nevis footpath repair 22,466
Tireragan Trust, repairs to boardwalks 5,982
£ 34,548
Charitable payments 2024 (five payments to organisations) £ 74,000
5 Support Costs
2025 2024
Shepherd and Wedderburn LLP, fees to 05/04/2025 (incVAT) £ 6,300 £ 6,300
Web Smart Media, website fee 275 275
£ 6,575 £ 6,575
6 Governance Costs
2025 2024
Shepherd and Wedderburn LLP, fees to 05/04/2025 (incVAT) £ 6,300 £ 6,300
Registers of Scotland, recording dues 20 -
Independent Examiner's fee:
Wbg Services LLP, fee relative to the 2024 accounts 696 660
£ 7,016 £ 6,960

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Docusign Envelope ID: D78B5421-AODD-4683-9CFA-F4DA73FBA90C

THE BROWN FORBES MEMORIAL FUND

Notes To The Accounts

For The Year Ended 5 April 2025 (Contd)

7 Investments

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----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |2025|2024| |Market|value|at|5|April|2024|£|1,826,792|£|1,838,386| |Additions|during|the|year|355,408|107,929| |Disposals|during|the year|(334,300)|(148,601)| |Realised|gains|on|investments|1,807|192| |Unrealised|(losses)/gains|on|investments|(54,151)|28,886| |Market|value|at|5|April|2025|£|1,795,556|£|1,826,792|

----- End of picture text -----

Evelyn Partners Investment Management LLP has appointed Pershing Limited, a wholly owned subsidiary of The Bank of New York Mellon Corporation, to act as custodian of the securities. As at 5 April 2025 the market value of the UK domiciled securities was £1,216,967 and the market value of the overseas domiciled securities was £578,589.

Investments with a current market value in excess of 5% of total:

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||||||| |---|---|---|---|---|---| |2025| |Investec|Physical|Gold|ETC| |400|NPV|shares|£|90,398| |8|Breakdown|of Closing|Bank|Balances| |2025|2024| |Evelyn|Partners|Investment|Management|LLP:| |Capital|account|£|4,922|£|38,122| |Income|account|2,401|544| |Shepherd|and|Wedderburn|LLP:| |Current|account|75,827|70,988| |£|83,150|£|109,654|

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Income tax recoverable

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||||| |---|---|---|---| |2025|2024| |£|860|£|860|

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Docusign Envelope ID: D78B5421-AODD-4683-9CFA-F4DA73FBA90C

THE BROWN FORBES MEMORIAL FUND

Notes To The Accounts

For The Year Ended 5 April 2025 (Contd)

10 Liabilities

Liabilities
2025 2024
Shepherd and Wedderburn LLP fee and outlay £ 2,400 £ 3,020
Independent Examiner's fee:
Wbg Services LLP, fee relative to the 2025 accounts 696 660
Grants outstanding:
Arran Access Trust 20,000 -
Cashel Forest Trust, Red Squirrel observation hide 6,000 6,000
Scottish Wildlife Trust:
Ayr Gorgewoodland viewpoint project 8,256 -
Knockshinnoch Lagoons village path project 12,582 -
The John Muir Trust, Ben Nevis footpath repair - 22,466
£ 49,934 £ 32,146

11 Related Party Transactions

No remuneration was paid to any trustee (2024; £nil). No expenses were claimed (2024; Enil).

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Docusign Envelope ID: D78B5421-AODD-4683-9CFA-F4DA73FBA90C

THE BROWN FORBES MEMORIAL FUND

Independent Examiner's Report To The Trustees

| report on the accounts of the charity for the year ended 5 April 2025, set out on pages 4 to 9.

Respective responsibilities of the Trustees and the Independent Examiner

As described in the Trustee's Report, the trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity's trustees consider that the audit requirements of Regulation 10 (d) of the Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under 44 (1) (c) of the Act and to state whether particular matters have come to my attention.

Basis of 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 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 view given by the accounts.

Independent Examiner's Statement

In the course of my examination, no other matter has come to my attention:

  1. which gives me reasonable cause to believe that in any material respect the requirements;

  2. to keep accounting records in accordance with Section 44 (1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

  3. to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations;

have not been met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Address: Wbg Services LLP 168 Bath Street Glasgow G2 4TP

Signing date: 6th October 2025

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