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← The Hirsel Trust

2025-04-05-accounts

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The Hirsel Trust
TRUST ACCOUNT
For period to 5th April 2025 _
Scottish Charity Number: SC049098
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Wright, Johnston & Mackenzie LLP St Vincent Plaza

319 St Vincent Street Glasgow G2 5RZ privateclient@wjm.co.uk (Ref: H.3112.1/KMcA/MY)

The Hirsel Trust ” f
Contents Page No.
Trust Information 3
Trustees’ Annual Report 4-6
Independent Auditor's Report to the Trustees 7-11
Statement of Financial Activities 12
Balance Sheet 13
Notes to the Financial Statements

Accounting Policies
2
Charitable Activities		 15
3
Trustee remuneration and expenses		 15
4
Investments		 15
5
Debtors		 15
6
Creditors: amounts falling due within one year		 16
7
Unrestricted Funds		 16
8
AnalysisofNetAssetsbyFunds		 16

The following pages do not form part of the statutory accounts

Investment Schedule

17-21

2

Y VM.

The Hirsel Trust

Trust Information

_ a Address Wright, Johnston & Mackenzie LLP St Vincent Plaza 319 St. Vincent Street Glasgow G2 5RZ Independent Auditor Robb Ferguson Chartered Accountants Regent Court 70 West Regent Street Glasgow G2 2QZ Scottish Charity Number: SC049098

3

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The Hirsel Trust

Trustees' Report

For the period ended 5th April 2025

The Trustees have pleasure in presenting their report and financial statements for the period ended 5 April 2025.

Status of Charity and Governing Document

The Hirsel Trust was set up by a Declaration of Trust dated 24 February 2019. The Trust is a Scottish Charity - number SC049098.

Trustees

The Trustees who served during the period and to the date of this report were as follows:

Appointment and induction of Trustees

The Trustees have power to assume additional Trustees. New Trustees undergo an induction process which helps them to understand the charity’s purposes, financial position and current issues facing the charity.

Administration

The management of the Trust is the responsibility of the Trustees who are listed above. The Trustees administer the Trust's affairs at meetings arranged as necessary, but at least one meeting is held each year, at which finances are reviewed and decisions made on the recipients of grants. The day to day administration of the Trust is undertaken by Wright, Johnston & Mackenzie LLP.

Statement on Risk

The Trust is open to fluctuations in Stock Exchange investments. However, the risk of this is minimised by taking advice and by investing in managed funds of mainly equities and corporate bond stocks.

The Trust has no long term commitments and accordingly regards any risk as being low, minimal and easily contained.

Objectives of charity

The objective of the charity is to benefit such recognised or registered charities concerned with the welfare of animals, or for other purposes charitable in law as the Trustees shall in their absolute discretion think fit to support or establish.

Achievements and Performance

The Trustees have made grants during the year totalling £1,000,000. The Trust benefited from bank interest and investment income of £35,769.

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The Hirsel Trust

Trustees' Report (Cont'd) For the period ended 5th April 2025

Financial Review

The financial statements for the period are set out on pages 12 to 16. The Statement of Financial Activities on page 12 reflects total incoming resources for the period of £3,783,788 (2024£4,504,242). The Statement of Financial Activities includes a gain on investments of £112,953 (2024 - gain of £8,630). Net assets at 5 April 2025 were £7,408,382 (2024 -£4,643,465).

Details of the Trust’s investments are outlined in Note 4. The financial statements have been prepared in accordance with current statutory requirements and the Trust deed whose provisions have been observed in the investment of the Trust funds.

Reserves policy

The Trustees wish to be in a position to make grants as and when needed by suitable recipients complying with the objectives of the charity. In addition, the Trustees anticipate helping to fund larger projects in the future. In such circumstances it is the Trustees’ view that surplus funds arising should be retained as a reserve, investing these funds for the medium term as set out below.

Investment policy

The Trustees’ policy is to invest prudently with medium risk but with the aim of trying to preserve capital value and achieving the best possible income on that basis.

Grant Making Policy

The Trust makes grants to organisations that are involved in activities which comply with the objectives of the Trust Deed and which have obtained charitable status.

Bank account

The Trustees have considered OSCR’s recommendation that the charity holds a bank or building society account in the name of the charity. The Trustees have discussed and agreed that holding an account through their solicitors provides the Trust with additional safeguards such as cover from the Client Protection Fund which is administered and maintained by the Law Society of Scotland which can compensate clients against loss. Additionally, all clients accounts held by a solicitor must comply with the Law Society of Scotland Accounts Rules which regulate and monitor the funds held by law firms. Finally, it is very difficult for Charitable Trusts to open and operate accounts through High Street or Specialist banks. Operation of such accounts would create additional administrative costs without the safeguards and benefits offered when operating the account through the Trust's solicitors. Accordingly, the Trustees have agreed to maintain the existing banking arrangements.

Taxation

The Trust is a charity and is recognised as such by HM Revenue and Customs for taxation purposes. As a result there is no liability to taxation on any of its income.

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The Hirsel Trust

Trustees’ Report (Cont'd)

For the period ended 5th April 2025

Plans for Future Periods

The Trustees plan to make grants to suitable recipients complying with the objectives of the charity.

Trustees’ responsibilities

The Trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing the financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charity Accounts (Scotland) Regulations 2006 (as amended), and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the Trustees

Trustee

22nd December 2025

6

Independent Auditor’s Report to the Trustees of The Hirsel Trust

Opinion

We have audited the financial statements of The Hirsel Trust (the 'charity') for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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The Hirsel Trust

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Independent Auditor’s Report to the Trustees of The Hirsel Trust (cont.)

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

8

The Hirsel Trust

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Independent Auditor’s Report to the Trustees of The Hirsel Trust (cont.)

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - The engagement partner ensured that The engagement team collectively had The appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

'. Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

9

The Hirsel Trust

0

Independent Auditor’s Report to the Trustees of The Hirsel Trust (cont.)

Our responsibilities for the audit of the financial statements (cont.)

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Agreeing financial statement disclosures to underlying supporting documentation; Reading the minutes of meetings of those charged with governance; Enquiring of management as to actual and potential litigation and claims; and Reviewing correspondence with HMRC, OSCR and the charity's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www. frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

10

T he Hirsel rust;

Independent Auditor’s Report to the Trustees of The Hirsel Trust (cont.)

Use of our report

This report is made solely to the charity's Trustees, as a body, in accordance with Section 44(1)c of the Charities and Trustees Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 22nd December 2025

11

W

The Hirsel Trust

Statement of Financial Activities
Period Ended 5 April 2025
Unrestricted Unrestricted
Funds Funds
2025 2024
Notes £ £
Income and Endowments from:
Donations and legacies 0 0
Payment from Anne Laughland's estate 1,485,077 4,500,000
Investments transferred from Anne Laughland's estate 1,717,680 0
Paintings transferred from Anne Laughland's estate 422,000 0
Investments
Dividends and interest 73,387 4,229
Equalisation payment 0 13
Bank interest 35,769 )
Taxation Recoverable 49 874 0
Total 3,783,788 4,504,242
Expenditure on:
Charitable Activities 2 1,006,962 2,172
Raising funds 0 0
Sale costs re paintings 119,913
Investment management costs 4,948 409
Total 1,131,824 2,581
Net gains/(losses) on investments 4 112,953 8,630
Net Movement in Funds 2,764,917 4,510,291
Reconciliation offunds
Total funds brought forward 4,643,465 133,175
Totalfundscarriedforward 7 7,408,382 4,643,465

The notes on pages 14 to 16 form part of these financial statements.

12

The Hirsel Trust

| Y IM

Statement of Balances at 5 April 2025

Notes 2025 2024
£ £ £ £
Fixed Assets
Investments 4 2,976,681 146,020
Current Assets
Debtors 5 826,898 4,500,000
Bank and cash 3,612,423 -320
4,439,321 4,499,680
Creditors: Amounts falling due
within one year 6 7,620 2,236
Net Current Assets 4,431,701 4,497 444
Total Assets less Current Liabilities 7,408,382 4,643,465
The funds of the Charity
Unrestricted Funds
RevenueFund 7 7,408,382 4,643,465

The financial statements were approved by the Trustees on “7V/ NT eae Cars and signed on their behalf by:

The notes on pages 14 to 16 form part of these financial statements.

13

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The Hirsel Trust

Notes to the Financial Statements for the Period Ended 5 April 2025

1. Accounting Policies

Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS 102)(effective 1 January 2019) — (Charities SORP (FRS 102), UK Generally Accepted Accounting Practice (UK GAAP) including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The charity meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in Sterling (£).

Income

Donations and legacies are recognised in the Statement of Financial Activities (SOFA) when received. Investment income is recognised when it is receivable. Grants are credited to the SOFA for the year to which they relate.

Expenditure

Liabilities are recognised as soon as there is a legal or contractual obligation committing the charity to the expenditure. Expenditure is accounted for on an accruals basis.

Donations are payments made to third parties in the furtherance of the charitable objectives of the Trust. Donations are accounted for when the Trustees have agreed to make the donation.

Investments

Investments, which are all quoted in the UK, are shown at market value in accordance with the Statement of Recommended Practice for Charities. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value or purchase date if later. Unrealised gains and losses are calculated between the market value at the year end and the opening market value or purchase date if later.

VAT

The Trust is not registered for VAT and accordingly expenses include VAT where appropriate.

Statement of Financial Activities

For the purpose of the Statement of Financial Activities as shown on page 12, funds are defined as follows:

Unrestricted funds comprise gifts and other income received for the objects of the charity without further specified purpose and which are available as general funds.

14

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The Hirsel Trust

Notes to the Financial Statements for the Period Ended 5 April 2025 to the Financial Statements for the Period Ended 5 April 2025 to the Financial Statements for the Period Ended 5 April 2025
2. Charitable Activities
2025 2024
Grants approved by the Trustees in the year were as
follows: E £
International fund forAnimal Welfare 500,000
PDSA- grant for scholarship 500,000
Governance/management costs 6,962 2,172
1,006,962 2,172
3. Trustee remuneration and expenses
lan Macdonald is a partner ofWright, Johnston & Mackenzie LLP, administrators forthe
Trustwhose legal fees of£5,552 (2024 - £1,440) are included in note 2. None ofthe other
Trustees received remuneration or expenses.
4. Investments
2025 2024
£ £
Market value at 6 April 2024 146,019 133,573
Additions during Period 5,134,640 3,816
Disposals during Period (2,416,931) 0
Realised Gains/(Losses) on investments 272,327 0
Unrealised Gains/(Losses) on investments (159,374) 8,630
Market value at 5 April 2025 2,976,681 146,019
Historical cost at 5 April 2025 3,120;19
1		 134,594
5. Debtors
2025 2024
E £
Paymentfrom
estate
Tax refund 2024/25		 777,023
49 874		 4,500,000
826,898 4,500,000

15

The Hirsel Trust

0

Notes to the Financial Statements for the Period Ended 5 April 2025

6. Creditors: amounts falling due within one year

2025 2024
£ £
Accruals
Audit Services 2,100 696
Barclays 0 100
Wright, Johnston & Mackenzie LLP 5,520 1,440
7,620 2,236
Unrestricted Funds
Balance at Incoming Resources Other Balance at
6 April 2024 resources expended gains/(losses) 5 April 2025
£ £ £ £ £
RevenueFund 4,643,465 3,783,788 (1,131,824) 112,953 7,408,382

7. Unrestricted Funds

Explanation of Funds

Revenue Fund- this represents funds available for general Trust purposes. All income is credited to the Revenue Fund.

  1. Analysis of Net Assets by Funds
Analysis of Net AssetsAssets by Funds
Total
Revenue Unrestricted
Fund Funds
E £
Fixed Asset Investments 2,976,681 2,976,681
Current Assets 4,439,321 4,439,321
Current Liabilities (7,620) (7,620)
NetAssets 7,408,382 7,408,382

16

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