Scottish Charity No.. SC041125 The Hinshelwood Gibson Trust Annual Report and Flnancial Statements For the year ended 18 January 2025
The Hinshelwood Gibson Trust Annual Report and Financial Statements For the year ended 18 January 2025 Contents Page Legal and Administrative Information Trustees. Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8-13
The Hinshelwood Gibson Trust Legal and Administrative Information Independent Examiner MHA 6 St Colme Street Edinburgh EH3 6A0 Banker5 The Royal Bank of Scotland plc Edinburgh West End Office 142-144 Princes Street Edinburgh EH2 4EQ Solicitors and Secretaries Blair Cadell LLP The Bond House 5 Breadalbane Street Edinburgh EH6 SJH Inve5trnent Managers 8rewin Dolphin Sixth Floor, Atria One 144 Morrison Street Edinburgh EH3 8EX Scottish Charity Number SC041125
The Hinshelwood Gib50n Trust Trustees, Report For the year ended 18 January 2025 The Trustees have pleasure in submittin8 their Annual Report for the year ended 18 January 2 25. Objective5 The objectives of the Trust are to invest the Trust'5 funds and apply the income land capital circumstancesl for charitable, benevolent or philanthropic purposes. The beneficiarie5 mav institution5, funds or individuals. n certairs e either Review of Actlvities and Future Developments During the year the Trustees continued to gather investment income and deposit interest an this income In moking donations in line with the Trust's objectives. applied Financial Information The financial position of the Trust is disclosed in the financial statements on page5 6 to 13. The Trustees confirm that the assets of the Trust disclosed in the Balance Sheet are availablt to fulfil any of its obligations and that the financial position is satisfactory in view of the Trust's fulire plans and commitments. Reserves Policy The Trust has no idenlified minimum reserve requirement. However. in order to be able commitments as they fall due, the Trustees take into account market volatility and predicte receipt5 in determining the reserve funds to be held. Actual 'free" unrestricted reserves, at end were £22,77512024, £ 16,8391. to meet income he year. Investment Policy and Performance The Trust's investment portfolio is managed on a discretionary ba515 by R8C Brewin Dolthin. The investment objective is to generate a return from a combination of income and capital growth ver the long term. As of 18 january 2025, the value of the investments stood al £1,833.74512024.. £1, 00,3441 and the income generated within the portfolio for the year wa5 £38,33612024.. £39,586). Interest rates have been dropping Slowly across major economic areas over the course of th¢ year as inflation numbers moved closer to target. In turn, major economies avoided the recessions that some commentators had expected. This made for a supportive environment for equity assets in 2024 and early 2025. particularly In the U5 where the market5 reacted strongly to the re-election of F*esident Tf ump. Artificial Intelligence spendin8 plans continued to grow in scale and breadth as key pllyers vie to maintain competitive advantage and consumer spending remained generally robust, supptyrted bv wage growth in the face of higher prices. While much of the US return is contained in the verv largest ame5 (The 'Magnificent 7,1, the prospect of pro-business, America-first policies, lower taxe5 and looser regulation helped drive a broad rally in US indice5 to new highs, from which the lortfolio benefitted. The UK and EU were also both positive, with the EU accelerating sharply at the tudn of the calendar year as depressed valuation5 were matched with positive surprises in economic and events.
ThE Hinshelwood Gibson Trust Trustees, Report Icontinuedl For the year ended 18 January 2025 Investment Policy and Performance {continuedl The total return performance of the portfolio during the year to 18 january 2025 wa5 +18.9%. co pared to the benchmark perforrnance of +17.5%. The portfolio is managed with a long term investment hothzon with reference to RBC Brewin's Risk Level 8. which is exposed to longer term assets. predominantly global equities. The benchmark 3550Clated with the portfolio is the FTSE All Share index. In a simil¥ vein as previou5 years, performance. 'quality growth. stocks and inlernalional markets led return5 over t e period with the US based S&P 500 and Nasdaq 100 continuing to reach ever higher levels. Taxation The Trust is a Scottlsh charity and is recognised as such by HMRC for taxation purpose5. As a result, there is no liability to taxation on any of its income or gains to the extent that these are appffied to its charitable objects. No tax charge has arisen in the Trust during the year. Constitution The Trust was constituted by a Deed of Trust by the Will of the late Lady Jane Gibson dat 7 June 2002 and presented for registration in the Books of the Lord5 of Council and Se55ion on 30 Nbvember 2009. The Trust was registered as a charity from 16 December 2009. Organi5ation and Trustee Appointment Trustees are appointed and removed by the Board of Trustees in accordance with the Deed of Trust. The Trustees meet periodically to review the administration and activities of the Trust. The Trustees who held office during the year under review are detailed on page l.
The Hinshelwood Gibson Trust Trustee5' Report Itontinuedl For the year ended 18 January 2025 Trustee5' Responsibilities Statement The Trustees are responsible for preparing the Trustees, Report and the financial state ents in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom ¢enefallv Accepted Accounting Practice). The law applicable to chaf Ities in Scotland requires the Trustees to prepare financial statetyents for each financial period which give a tfue and fair view of the State of affairs of the Trust artd of the incoming resources and application of resources of the Trust for that period. In prepariDg these financial statements, the Trustees are required to". select su¢lable accounting policies and then apply ihem consi5lently; observe the methods and principles in the Charities SORP 2019 IFRS 1021.. make judgements and estimates that are reasonable and prudent.. state whether applicable UK accounting standard have been followed. subject to any material departures disclosed and explained in the financial 5tèlements,' prepare the financial statement5 on the going concern basis unless it is inappropriate to that the Trust will continue in operalion. rosume The Trustee5 are responsible for keeping proper accounting records that disclose with rebsonable accuracy the financial position of the Trust and enable them to ensure that the financial statements cofflply with the Charities and Trustee Investment (Scoilandl Act 2005, the Charilie5 Accounts Iscotlandl Regulations 2006 las amended) and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable stepl for the prevention and detection of fraud and other irregularities. Approved by ihe Trustees on 13 May 2025 and signed on their behalf by.. ru5tee
Independent Examinerfs Report to the Trustees on the Unaudited Financial Statements of The Hinshelwood Gibson Trust I report on the financial statements of the Trust for the year ended 18 january 2025 which a on pages 6 to 13. set out Respertlve responslbilltles of Trustees and Independent Examlner The Trustees are responsible for the preparation of the financial statements in accordanceiwith the terms of the Charities and Trustee Investment (Scoilandl Act 2005 and the Charities Accounts Iscotla r¢dl Regulations 2006. The Trustees consider that the audit requirement of Re8ulation' 10111 lal to Icl of the Accounts Regulations does not apply, It Is my responsibility lo examine the financial statements a5 required under Section 4411 I Icl of the Act and to state whether particular matlers have come to my attention. Basls of Independent Examinerf5 Statement My examination is carried out in accordance with Re8ulation I l of the 2006 Accounts Regui41ions. An cxamination include5 a revicw of the accounting records kept by the Trust and a compari5Dn of the financial statements presented with those records. It also includes consideration of any unugual itoms or disclosures in the financial statemen15, and seeks explanations from the Tfustees conce ning ar)y such matters. The procedures undertaken do not provide all the evidence that would be r quired in an audit. and consequently I do not express an audit opinion on the view given bv tho financial Statements. Independent Examlnerfs statement In the course of my examination, no matter has come to my attention.. which gives me reasonable cause to believe that in any material respect the requirem nts.. to keep accotsnting records accordance with Section 4411) lal of the 200 Regulation 4 of the 2006 Accounts Regulations. and Act and to prepare financial statements which accord with the accounting records and co Regulation 8 of the 2006 Accounts Regulations,. ply with have not been met.. or to which, In my opinion. atlcntion should be drawn in order to enable è proper und of the financial statement5 to be reached. rstanding 13 ay 2025 MHA 6 St Colme Street Edinburgh EH3 6AD
The Hinshelwood Gibson Trust Statement of Financtal Artivities For the year ended 18 January 2025 Notes Revenue Funds Capital Fund5 {Unrestrictedl (Endowmentl 2025 Total 2024 Total Income from.. Investments 38.666 38,666 39,800 Total income 38,666 38,666 39,81K) Expenditure on: Raising funds - investment management fees Charitable activities 11,465 11,465 52.730 10,767 51,867 52.730 Total expenditure 52,730 11,465 64,195 62,634 Net lexpenditurel before losses on investments 114.0641 111.4651 125.5291 122.8341 Net gainslllossesl on iF)vestments 264.866 264.866 18.6291 Net incomellexpenditurel 114.0641 253.401 239.337 131,4631 Transfers between funds 20,000 120,1J)01 Net movement in funds 5,936 233,401 239,337 131,4631 Funds at 19 January 2024 16,839 1.600,344 1,617,183 1,648,646 Funds at 18 January 2025 22.775 1.833.745 1.856.520 ,617.183 The Statement of Financi31 Activities includes all gains and losses in the year.
The Hinshelwood Gibson Trust Balance Sheet At 18 January 2025 Note5 2025 2024 Fixed Assets Investment5 1.833.745 00.344 Current assets Debtors Cash on deposit 2.710 24,900 3.314 17,727 27,610 21,041 Liabililies: Creditor amounts falling due within one year 14.8351 {4,2021 Net current a55etS 22,775 16,839 Net assets 1.856.820 1.617,183 Funds Represented by: Revenue - unrestricted funds Capital - endowment funds 22,775 1.833.745 16,839 00.344 Total Funds 1.856,820 17.183 These accounts were approved and authorised for issue by the Trustees on 13 May 2025 and 4.gned on their behalf by.. Trustee
The Hinshelwood Gibson Trust Notes to the Financial Statements For the year ended 18 January 2025 l. Attounting policies The significant accounting policies applied in the preparation of these financial statement out below. These policies have been consistently applied unless otherwise stated. are set Bo515 of preparation The financial statements are prepared on a going concern ba515 under the histori cost convention with item5 recognised at cost or transaction values unless otherwise state4 in the relevant notes to the financial statements_ The financial statements are presented in tsterling which is the functional currency of the Trust and rounded to the nearest £. The financial statements have been prepared in accordance with the Charities and Irustee Investment Iscotlandl Act 21X)S, the Charities Accounts (Scotlandl Regulations 2006 las amendedl. Accounting and Reporting by Charities.. statement of Recommended Practice applicable to Charitie5 preparing their accouFlts in accordance with the Financial Rq)orting Standard applicable in the UK and Republic of Ireland IFRS 1021 i55ued in 2019, the Flnancia Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Hinshelwood Gibson Trust constitutes a public benefit entity as defined by FRS 102. Going concern The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. Trustees will continue to ensure grant awards are given only where there 15 sufficient income available to do 50. Trustees are satisfied these efforts are suffici nt and therefore continue to adopt the going concern basis of accounting in preparing the f ancial statements. Income All income is recognised once the Trust has entitlement to the income, it is probable t income will be received and the amount of income receivable can be measured reliably. at the Interest on funds held on deposit is included when receivable and the amount can be m asured reliably by the Trust. This is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividends have been declared and notification h*5 been received of the dividend due. Expenditure Expenditure is recognised as soon as there is a legal or constructive obligation committlng the Trust to that expenditure, it is probable that settlement will be required and the amounl of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis qnd has been classified under headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Th'e Hinshelwood Gibson Trust Notes to the Financial Statements For the year ended 18 January 2025 l. Accounting policie5 (continued) Expenditure (continuedj Expenditure on raising funds include costs associated with generating income for tlle Trust through its investment portfolio. Expenditure on charitable activities includes costs inc4rred by the Trust in the delivery of its activities and services. It includes both the direct costs tyf grant making and more costs of an indirect nature necessary to support them. Donations payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation,that they will receive the grant. Support costs are allocated between governance costs and other support Costs. Governance costs comprise those costs involving the public accountability of the Trust and therefore includt the c05t of independent examination. Other support costs relate to the administration cost5 Of ru ning the Trust. Fixed usset investments Investment5 are a form of basic financial instrument and are initially recognised at their trbn53ction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and los*s arising on revaluation and disposals throughout the year. The main form of financial risk faced by the Trust is that of volatility in equity martkets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in Sentiment concerning equities and within particular sectors or sub sector5 All gain5 and losses are taken to the Statement of Financial Activities as they arise. Reali ed gains and losses on investments are calculated a5 the difference between sales proceeds nd their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. Debtor5 Debtors are measured at their recoverable amount and included when reasonable certaihty exists over their receipt. Cosh ot bank Cash at bank includes cash and highly liquid Short term investments with a maturity iof three months or less from the date of opening of the deposit or similar account. Creditor5 Creditors are recognised when the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to sEttle the obligation can be measured reliably.
The Hinshelwood Gib50Tr Trust Notes to the Financial 5tatement5 For the year ended 18 January 2025 l. Accounting policies Icontinuedl Finonciol Instruments The Trust only has financial asset5 and financial liabilities of a kind that qualify as basi financial instruments. Basic financial instruments are initially recognised at transaction lue and sijbsequently measured at their settlement value. Fund5 structure Unrestricted income funds comprise those funds which the Trustee5 are free to us purpose in furtherance of the charitable objects. Unrestricted funds can include design where the Trustees, at their discretion, have created a fund for a specific purpose. for any ed funds The Trust 3150 has a single expendable endowment fund created by a gift from Lady Jatje Gibson. The terms of this endowment allow the capital of the fund to be spent provided it fa115 Wlthin the category of a charitable purpose or object. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and any legal advice relating to the fund are charged against the fund. Investment Income 2025 2024 Dividend Income - equities Bank interest 38,336 330 39,586 214 38,666 39,800 io
The Hinshelwood Gibson Trust Notes to the Financial Statements For the year ended 18 January 2025 Cost of charitable activities 2025 2024 Donations.. Christian Aid Edin.. New Town Church Children 1st National Trust for Scotland Made4UML2 Capability Scotland Crossreach Fettes College Foundation Yester. Bolton & Saltoun Parish Church Scott15h SPCA RNLI Cockburn Association Music in Hospitals Scotland The Eric Liddell Centre Mercy Ships National Youth Orchestras of Scotland St Andrews Hospice, Airdrie Bethany Christian Trust Sea Cadets Dundee St Mary s Music School Scottish Mountain Rescue Edinburgh City Mission 2,750 2,750 5.500 5,500 5.500 S,SOO 5.500 5,500 750 750 750 750 750 750 750 750 750 750 750 1,000 2,750 2,750 5,500 5,500 5.500 5,500 5,500 5,500 750 750 750 750 750 750 750 750 750 750 750 750 47.750 47,500 Support costs.. Secretarial fees Bank charges Other charges 1,822 145 1,446 140 25 Governance costs.. Independent Examiner's fee Secretarial fees 2.232 781 2.136 620 52,730 51,867 4. Trustees, remuneration No Trustee received any remuneration or was reimbursed any expenses during the c prior year. rrent or
The Hinshelwood Gibson Trust Notes to the Financial Statements For the year ended 18 January 2025 Fixed Asset Investment5 2025 2024 Market value at 19 January 2024 Add.. Acquisitions at cost Less.. Disposals proceeds Net gains/llossesl on revaluation 1.595.956 1.È22.030 455,147 318,369 1492.0881 1335.8141 264,866 18,6291 1.823.881 95.956 Cash held by brokers- capital account 9,864 4.388 Market value at 18 January 2025 1.833.745 00,344 Historical cost at 18 January 2025 1,401,063 31,326 Investments over 5% of portfolio value.. Market Value 2025 Market Value 2024 Vanguard Funds PLC FTSE 100 Baillie Gifford American Wl Dis 147,261 30,303 79,258 Debtors 2025 2024 Dividend5 Receivable 2,710 3,314 Liabilities.. Creditors amounts falling due within one year 2025 2024 Independent Examiner's fees Secretarial fees 2,232 2.603 2,136 2.066 4,835 12
The Hinshelwood Gibson Trust Notes to the Financial Statements For the year ended 18 January 2025 8. Movement in funds At 19 Jan 2024 Gains/ Ilossesl Transfers At 18 Jan 2025 202412025 Income Expenditure Incomefunds." General unrestricted 16,839 38.666 152.7301 20,000 22,775 Copitol Junds.. Peimanent endowment 1,600,344 111.4651 264,866 120.0(K)I i.b33,745 Total lund5 1,617,183 38,666 164.1951 264,866 56,820 At 19 Jan 2023 Gains/ Ilossesl Tfènsfers At 18 Jan 2024 202312024 Incorne Expenditure Incomefvnds.. General unrestricted 13.906 39,8 151,8671 15,CMXI 16,839 Capltalfunds.. Permanent endowment 1.634,740 110,7671 18.6291 (IS.C(M)I i. 00,344 Total funds 1.648.646 39.8 162,6341 18.6291 17.183 Analysis of net a55et5 between funds Income Fund Capital Fund Total 2025 Income Fund Capital Fund Total 2024 Investments Net current a55et5 1.833.745 1,833,745 22.775 1,600,344 1,600,344 16,839 22.775 16.839 22,775 1,833,745 1.856,820 16.839 1.600,344 17,183 10. Related parties The firm, Blair Cadell LLP. of whicli Is a partner. received a fee of £2.603 12024.. E2,0661 in respect of admiriislrdliuii dllu S¥Lrvldl'ial services provided during year. Creditor5 at the year-end included £2.60312024.. £2,066) in respect of these fees. 13