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