Charity Registration No. 204340 T H RUSSELL CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 arrisons chartered accountants 4 Bra¢kley Close Bournemouth International Airport Christchurch Dorset BH23 6SE T H RUSSELL CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustee T. H. Russell Trustee Limited MEMBERS OF THE TRUSTEE Mrs A Morris Mrs D Norman Mrs L Ansell Mrs R McDermott Miss J Arigho Mr M Steele Mrs V A Rowland IAppoinled 22 January 20221 Charty number 204340 Principal address Alexandra House st Johns Street Salisbury SP1 2SB Auditor Harrisons Chartered Accountants 4 Bra¢kley Close Bournemouth Inlemational Airport Christchurch Dorsel BH23 6SE Bankers Nalwesl 11 High Street Ringwood Hanls BH24 1BA Solicitors Wilsons Solicitors LLP Alexandra House St John's Street Salisbury Willshire SP1 2SB ## **T H RUSSELL CHARITABLE TRUST** ## **CONTENTS** ||**Page**| |---|---| |Trustee's report|1 - 3| |Statement of trustee's responsibilities|4| |Independent auditor's report|5 - 7| |Statement of financial activities|8| |Balance sheet|9| |Notes to the financial statements|10 - 17| T H RUSSELL CHARITABLE TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2021 The trustee presents ils annual report and fin8nci81 ststemenls for the year ended 31 October 2021. The financial slalemenls have been prepared in acwrdance with the accounting policies sel out in note 1 to the financial statements and comply with the charity's goveming document, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffectDie 1 January 20191" Objective8 and activities Objectives The objective of the Trust was to found. estsblish, equip and endow Sl. Ives House, Sl. Ives as a care home for elderly persons and lo use income from the perrnanent endowment towards the upkeep and maintenan of the hostel. The charity was established primarily for the benefit of elderly people of the Parish of Ringwood in the County of Hanls and the Parish of St Leonards and St Ives, now in the County of Dorsel, bul formerly in the County of Hants. Since the closure of Sl. Ives House in February 2015 the objectives of the Charity have been expanded to cover the provision of items, services or facilities to assist the elderfy who require care on account of age or disability. The trustee has paid due regard lo guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achievements and performance In April 2015 a 125 year lease of land at St. Ives House was granted to Care South. A new care home has been built on the sile by Care South which opened on 27th January 2017. Rent has been receivable since then. The Income arising is used by the Trustee for the benefit of the elderly as stipulated In the obieclives paragraph above. Following the closure of the home the charity has been providing support to former residents by assisting with the fees of their new homes. During this fin8ncial year only one former resident has been supported. On 18th March 2019 the Members of the Trustee approved an updated 'Grant Making Policy, which sets out the type of activities and projects that they will support in the future. All future grants will be to existing charities, already working in the area, on local projects that benefit the stated class of beneficiaries. Throughout the year the impact of Covid-19 continued lo impact upon the activities and running of the TrLJSt. Trustee meetings were initially held primarily by Zoom, bul physical meetings have recently recommenced. During the pandemic the Trust has continued with its support for a range of local charities and charities devoted lo working locally. The Trust has concentrated on funding lo assist end of lrfe support and support of the disabled. Total payments lo charities during the year exceeded £130,000, with this including payments made to Marie Curie. Macmillan Cancer Support and Age Concern Hampshire, lo name but a few. Public Benefit In pl8nning for the future the Members of the Trustee have considered the Charity Commission's guidance on Public Benefit, including 'Public Benefit.. Running a Charity IPB21'. The Members of the Trustee are paying particular attention to keeping the public informed and wherever possible publicise the work of the T H Russell Charitable Tiust and where there is a need, encourage local charities to apply foi grants. Members of the Trustee attend the local Community Network Meetings lo which all charities, local lo the Ringwood area, are invited lo attend and participate in, sharing information about local needs and events. T H RUSSELL CHARITABLE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021 Financial review Reserves Much of the reserves of the charity are invested in ils land and ils investments. Given the change in the nature of the Irusl's activities the members of the trustee have yel to consider the level of liquid reserves lo be retained in the future. Total amount of resetves held al 31 October 2021 was £5.026,360 of which £591,718 was unrestricted funds. The remainder relates lo the endowment fund as explained below. Total Rgturn$ Policy In May 2013 the Charity Commission gave an order lo enable the Trustees of the Charity lo decide which part of the unapplied lolal return from the assets of the Charity given to it on Trust for investment Icapitall should be held on Trust for application lincomel for the purposes of the Charity. In November 2013 the Trustees determined the amount of the totsl returns policy to be applied lo income by referen￿ to the date upon which the Trustees began detailed consideration of the long term future of St Ives House. The lolal value of the investments held in the endowment fund al 31 October 2020 was £1,295,442. During the year the value of these assets has increased by £448,087 to £1,743,529. The lolal amount of the endowment fund at 31 October 2021 was £4,434,642. Investm•nt$ The Trustee has wide powers of investment of the funds within the Permanent Endowment. The investment strategy is to achieve a mixture of income and capital growth. The members of the trustee have periodic presentations from a Senior Investment Director from Inveslec Vveallh & Investment concerning the Trust's investment portfolio. The members review on a regular basis the investment strategy in line with advi￿ from Iheii brokers. Major rlsks Throughout the year the members of the trustee have continually appraised the Trust's exposure to risk. All significant risks to which the charity may be exposed are believed to be manageable. structure, governance and management Legal Status The charitable trust was established in accordance with the will of the late T H Russell Esq, who died in September 1955, and is operated as a charitable Irusl. The members of the trustee who served during the year and up lo the date of signature of the financial statements were.. T. H. Russell Trustee Limited Isole Irusteel MEMBERS OF THE TRUSTEE.. Mrs A Morris Ichaimianl Mrs D Norman (Vice Chairman) Mrs LAnsell Mrs R McDermott Miss J Arigho Mr M Steele T. H. Russell Trustee Limited holds the title lo the assets on trust for T H Russell Charitable Trust. T H RUSSELL CHARITABLE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021 Organisation The charity is controlled by the members of the trustee. The trust deed does not address the method of appointment of new trustees. In practice, potential new members are approached by the existing members. If the potential member Is interested he is interviewed and, if appropriate, Invited to join. Al ils Annual General Meeting the members elect a Chairman and Deputy Chairman for the coming year. The policies adopted lo achieve the trust objectives have evolved with changing circumstances. The trustee's report was approved by the Trustee. MrsA Morri8 Member of the Iruslee Dated.. 18 March 2022 T H RUSSELL CHARITABLE TRUST STATEMENT OF TRUSTEE'S RESPONSIBILITIES FOR THE YEAR ENDED 31 OCTOBER 2021 The Iruslee is responsible for preparing the Trustee's Report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted AccoLJnling Practice). The law applicable lo Charities in England and Wales requires the trustee lo prepare financial slalemenls for each financial year which give a true and fair view of the stsle of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the Iruslee is required to.. select suitsble accounting policies and then apply them consistently., obseNe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going con￿rn basis unless il is inappropriate lo presume that the charity will continue in operation. The trLJStee is responsible for keeping sufficient accounting records that disclose with reasonable accuracy al any lime the financial position of the charity and enable it lo ensure that the finan¢i81 slalemenls comply with the Charities Act 2011, the Charity (Accounts and Reportsl Regulations 2008 and the provisions of the trust deed. 11 is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. T H RUSSELL CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF T H RUSSELL CHARITABLE TRUST Opinion We have audited the financial statements of T H Russell Charitable Trust Ithe 'charity'l for the year ended 31 October 2021 which Comprise the statement of financial activities. the balance sheet and the notes to the financial slalements, including significant accounting policies. The financial reporting framewotk th81 has been applied in their preparation is applicable law and United Kingdom Accounting Standards. inclLJding FRS 102 'The Fin8ncial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practi￿1. In our opinion, the financial statements.. give a true and fair view of the stale of the charity's affairs as al 31 October 2021 and of its incoming resources and application of resources, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordan￿ with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards are further described in the Audilorts responsibilities for the audit of the financial slalemenls section of our report. We are independent of the charity in accordan￿ 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 elhic81 responsibilities in accordance with these requirements. We believe that the audit eviden￿ 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 Iruslee's use of the going cOn￿M basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have perfomed, 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 lo continue as a going con￿rn for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Iruslee with respect lo going concem are described in the relevant sections of this report. othgr infomiation The other information comprises the infomation included in the annual report other than the financial statements and our auditor's report Ihereon. The trustee is responsible for the other informstion contsined within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other Infonralion is materially inconsislenl with the financial statements or our knowledge obtained in the COLJrse of the audit. or othenNise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalemenls, we are required to delemine whether this gives rise to 8 material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misslalemenl of this other infomalion, we are required lo report that fact. We have nothing lo report in this regard. Matters on which w* arè rgquir8d to roport by axception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us lo report lo you if, in our opinion.. the infomation given in the financi31 statements is inconsislenl in any material respect with the trustee's report", or sufficient accounting records have not been kept,. or the financial statements are not In agreement with the accounting records., or we have not received all the information and explanations we require for our audit. T H RUSSELL CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEE OF T H RUSSELL CHARITABLE TRUST Responsibilitie5 of trustee As explained more fully in the statement of trustee's responsibilities, the Iruslee is 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 trustee determines is neeesssry lo enable the preparation of financi81 slalemenls that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustee is responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going con￿rn basis of accounting unless the trustee either intends to ase operations, or has no realistic alternative but lo do so. Auditorf$ rgspon$ibilitlo$ for the audit of tho financial $tatgmonts We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assuran￿ about whether the financial slalemenls as a whole are free from material misslalemenl. whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran¢e but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial ststements. Irregularities, including fraud, are instances of non<0mplian￿ with laws and regulations. We design Pro￿dureS in line with our responsibilities, outlined above, lo del￿1 material misstatements in respect of irregularities, including fraud. The extent lo which our prO￿dureS are capable of detecting irregularities, including fraud, is detailed below. As part of an audit in a￿ordan￿ with ISAS IUKI, we exercise professional judgment and maintain professional sceplicism throughout the audit. We 8lso". Identify and assess the risks of material misslalemenl of the financial slalemenls, whether due lo fraud or error, design and perform audit procedures responsive to those risks, and obtain audit eviden￿ that is sufficient and appropriate lo provide a basis for our opinion. The risk of not delecling a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of inletnal control relevant lo the Sudil in order to design audit procedures that are appropriate In the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustee's use of the going concern basis of accounting and, based on the audit eviden￿ obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainly exists, we are required to draw attention in our auditor's report to the related disclosures In the financial statements or, if such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtsined up lo the dale of our auditor's report. However, futu￿ events or conditions may cause the charity lo cease to continue as 8 going con¢em. Evaluate the overall presentation, structure and conlenl of the financial ststements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with govemance regarding, among other matters, the planned SCOFe and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. T H RUSSELL CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEE OF T H RUSSELL CHARITABLE TRUST Use of our report This report is made solely to the charity's trustee, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustee those mallers we are required lo slate to it in an auditor's 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 Iruslees as a body, for our audit work, for this report, or for the opinions we have formed. Harrisons 18 March 2022 Chartered Accountants Statutory Auditor 4 Brackley Close Bournemouth International Airport Christchurch Dorset BH23 6SE T H RUSSELL CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2021 Unrestricted Endowment funds funds 2021 2021 Total Total 2021 2020 Notes Investment income Other income 154,615 28 154.615 28 128,693 28 Total Income 154,643 154,643 128,721 Charitable Expenditure 175,902 14.728 190,630 113,052 Total charitab19 expenditure 175,902 14,728 190.630 113,052 Net gainslllossesl on investments 58,652 296,088 354,740 43,140 Net incoming resources 37,393 281,360 318,753 58,809 Other recognised gains and 108se8 Revalustion of tangible fixed assets 28,000 28,000 Net movement in fund5 37,393 309,360 346,753 58,809 Fund balances at 1 November 2020 554,325 4,125,282 4,679,607 4,620,798 Fund balances at 31 October 2021 591,718 4,434,642 5,026,360 4,679,607 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from wntinuing aclivilies. T H RUSSELL CHARITABLE TRUST BALANCE SHEET ASAT31 OCTOBER 2021 2021 2020 Notes Fixed assets Tangible assets Investments 2,800,000 2,088,909 2,772,000 1,552.059 10 4,888,909 4,324.059 Current assets Debtors Cash al bank and in hand 12 5.356 163.825 5,020 374,283 189,181 379,303 Crodltor8.' amount8 falllng due wlthln one year 131,7301 123,7551 Net current assets 137,451 355,548 Total assets less current liabilities 5,026,360 4,679,607 Funds of the charity Endowment funds Unreslrided funds 14 4,434,642 591,718 4.125,282 554,325 5,026,360 4.679,607 The financial ststemenls were approved by the Trustee on 18 March 2022 Mrs A Morris Member ofthe Trustee T H RUSSELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 Accounting policies Charity information The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. 1.1 Accounting convantion The financial slalemenls have been prepared in accordan￿ with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities. Statement of Recommended Pra¢li¢e applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191" The charity is a Publi Benefit Enlily as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Slalemenl of Cash Flows. The financial slalemenls are prepared in sterling, which is the functional currency of the Charity. Monetsry amounts in these financial slalemenls are rounded to the nearest £. The financial slalemenls have been prepared under the historical cost convention, modffied to include the revaluation of investment properties and certain financial instruments al fair value. The principal accounting policies adopted are set out below. 1.2 Going concem At the lime of approving the financial slalemenls, the Iruslee has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Iruslee continues lo adopt the going concern basis of accounting in preparing the financial slalemenls. 1.3 Charltable funds Unrestricted funds are available for use al the discretion of the Iruslee in furtherance of ils charitable objectives. Restricted funds are subject lo specific conditions by donors as lo how they may be used. The purwses and uses of the restricted funds are sel out in the notes lo the financial slalemenls. Endowment funds are subject lo specrfic conditions by donors that the capital must be maintained by the charity. All proceeds on the sale of Permanent Endowment assets are treated as capital receipts and are taken directly lo the Permanent Endowment fund. Income arising on Pemianent Endowment investments is treated as general income of the trust. 1.4 Income Income is recognised when the charity is legally entitled lo it after any performan￿ conditions have been met, the amounts can be Measured reliably, and il is probable that In￿Me will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation lo donations re￿iVed under Gift Aid or deeds of covenant is rewgnised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and re￿ipt is expected. If the amount is not known, the legacy is Irealed as a conlingenl asset. 10- T H RUSSELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021 Accountlng pollcles {Contlnued) 1.5 Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classffied under headings of the slalemenl of financial activities to which it relates.. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further Ils charitable aims for the benefit of ils beneficiaries, Including those support costs and ¢osts relating lo the governance of the charity apportioned lo charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable aclivilies. All costs are allocated lo expenditure cal￿OrIeS reflecting the use of the resource. Direct costs attributable 10 8 single activity are allocated directly lo that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. 1.6 Tangible fixed assets Tangible fixed assets are initially measured al cost. Fixed assets carried al revalued amounts are recorded at fair value al the date of revaluation. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings not depreciated The freehold propety has not been depreciated as the propety is maintained to a standard appropriate to ils purpose. Any depreciation arising would be immaterial. The property is revalued every five years, with the surplus or deficit being transferred lo the endowment fund. The gain or loss arising on the disposal of an asset is detèrmined as the difference between the sale proceeds and the carrying value of the asset, and Is recognised In the statement of financial activities. 1.7 Fixed asset investment8 Fixed asset investments are initially measured al transaction price excluding Iranssclion costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomellexpendilurel for the year. Transaction costs are expensed as incurred. 1.8 Impaimient of fixgd assets At each reporting end date, the charity reviews the carrying amoLJnts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indialion exists, the recoverable amount of the asset is estimated in order to determine the extent of the imFoirmenl loss lif any). 1.9 Financial instruments Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of ils liabilities. 1.10 Taxation The trust is a ￿gIStered charity and any surplus arising on the charitable activities is therefore not liable to United Kingdom income and capitsl taxes. T H RUSSELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021 Critical accounting estimates and judgements In the application of the charity's accounting policies, the Iruslee is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other SoUr￿s. The eslimales and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both cutrenl and future periods. Investment income Unrostri¢tgd Unrestricted funds funds 2021 2020 Rental income Income from listed investments Interest receivable 125,000 29,604 11 93,75D 34,548 395 154,615 128,693 Other Income Unrestrl¢t¢d Unrestricted funds funds 2021 2020 Other In￿Me 28 28 12- T H RUSSELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021 Charitable activities Charitable Charitable Expenditure Expenditure 2021 2020 Resident funding and grants payable 144,898 84,846 Share of support costs Isee note 61 Share of governance costs Isee note 61 13,744 31,988 28,206 190,630 113,052 Analysis by fund Unreslricled funds Endowment funds 175,902 14,728 100,691 12,361 190,630 113,052 The charitable activities costs above relate to grants made to charitable instilulions. These charitable institutions undertake activities or projects which provide support lo the elderfy, which is congruent with the objectives of the charity. Support C08ts Support Governance costs costs 2021 Support Governance costs costs 2020 Charitable activity Costs 13,744 13,744 L￿al and professional Other governan￿ costs 24,439 7,549 24,439 7,549 19,786 8,420 19,786 8,420 13,744 31,988 45,732 28,206 28,206 An8lysed between Charitable activities 13,744 31,988 45,732 28,206 28,206 Governance costs includes payments to the auditors of £1,48012020- £1,592) for audit fees. Trustee None of the members of the trustee lor any persons connected with Iheml re￿iVed any remuneration or benefits from the charity during the year. 13- ## **T H RUSSELL CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 OCTOBER 2021**_ ## **8 Net gains/(losses) on investments** |**Unrestricted Endowment**
**funds**
**funds**
**2021**
**2021**
**£**
**£**
Revaluation of investments
56,760
286,535
Gain/(loss) on sale of
investments
1,892
9,553
58,652
296,088|**Total** Unrestricted Endowment
funds
funds
**2021**
2020
2020
**£**
£
£
343,295
12,667
63,942
11,445
(5,534)
(27,935)
354,740
7,133
36,007|Total
2020
£
76,609
(33,469)| |---|---|---| |||43,140| ## **9 Tangible fixed assets** |**Tangible fixed assets**|| |---|---| ||**Freehold land and buildings**| ||**£**| |**Cost**|| |At 1 November 2020|2,772,000| |Revaluation|28,000| |At 31 October 2021|2,800,000| |**Carrying amount**|| |At 31 October 2021|2,800,000| |At 31 October 2020|2,772,000| The freehold land was valued as an investment property based upon the terms of the lease by Hughes Ellard, Chartered Surveyors, as at 7 April 2016 in accordance with the guidelines issued by the Royal Institute of Chartered Surveyors. The Trustees have not commissioned a formal valuation of its investment property. It is believed that this would not be materially different to the stated valuation. This issue will be kept under review. The unleased land was valued by Savills, as at 14 December 2021 in accordance with the guidelines issued by the Royal Institute of Chartered Surveyors. - 14 - T H RUSSELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021 10 Fixed asset investments Unlisted inveslmgnts Cost or valuation Al 1 November 2020 Additions Valuation changes Disposal proceeds 1,552,059 234,618 354,740 152,5081 At 31 October 2021 2,088,909 Carrying amount At 31 October 2021 2,088,909 At 31 October 2020 1,552,059 Fixed asset investments revalued All investments are carried at their fair in a￿OrdanCe with the Charities SORP IFRS 1021. Investments in equities and fixed interest securities are 811 traded in quoted public markets. The basis of fair value for quoted investments is equivalent lo the market value, using mid market prices from the appropriate Stock Exchange. 11 Financial instruments 2021 2020 Carrylng amount of flnanclal assets Instruments measured al fair value through profil or loss 2,088,909 1,552,059 12 Debtors 2021 2020 Amounts falling due within one year. Other debtors Prepayments and accrued income 3,876 1,480 3,540 1,480 S,356 5,020 13 Croditors: amounts falling dug within ong ygar 2021 2020 Other creditors Accruals and deferred income 7,707 24,023 23,755 31,730 23,755 15- T H RUSSELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021 14 Endowmentfunds Endowment funds represent assets which musl be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund. Movement in fund$ Incomlng Resources R8valuatlon8 resource8 expend8d gains and 105ses Balance at 1 November 2020 Balanco at 31 Octob8r 2021 P9mianent endowments Pemanent Endowment Fund 4,125,282 114,7281 324,088 4,434,642 4,125,282 114,7281 324,088 4,434,642 Movement in funds Incoming Resourc88 R8valuation8 resources expend8d gains and 105ses Balance at 1 November Balanc? at 1 Novemb8r 2019 2020 P9mianant endowmants Permanent Endowment Fund 4,101,636 112,3611 36,007 4,125,282 4,101,636 112,3611 36,007 4,125,282 15 Analysls of net assets between fund8 Unrestricted Endowment funds funds 2021 2021 Total Unrestricted Endowment funds funds 2020 2020 Total 2021 2020 Fund balan￿S al 31 October 2021 are represented by. Tangible assets Investments Current asselsllliabililiesl 2,800,000 2,800,DOO 1,743.529 2,088.909 1108.8871 137.451 2,772,000 2,772,OOD 1,295,442 1,552,059 57,840 355,548 345.380 246.338 256,617 297.708 591,718 4,434,642 5,026,360 554,325 4,125,282 4,679,607 16- T H RUSSELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021 16 Operating lease commitments Lessor Al the reporting end dale the charity had contracted with tenants for the following minimum lease payments.. 2021 2020 Within one year Betr￿een and five years In over five years 125,000 500,000 14,177,083 125,OOD 500,000 14,302,083 14,802,083 14,927,083 This discloses the totsl rent amounts receivable over the period of the Care South lease which expires in 2140. 17 Related party transactlons Tran8actions with related parties During the year the charity entered into the following transactions with related parties.. Mrs A Morris, a member of the trustee, was a partner of VVThlsons Solicitors. During the year, Wilsons Solicitors charged the Charity £1,29912020." £4201 in respect of professional charges. Mrs L Ansell, a member of the Iruslee, was appointed as a director of Care South on 22 July 2015. From 1 April 2015 part of the land owned by T H Russell Charitable Trust has been leased to Care South. During the year rental income tolalling £125.00012020'. £125.0001 was due from Care South to the charity. In the previous year rent of £31,250 was waived due lo COVID-19. During the year grants totslling £4,51512020' £6,000) were paid to Care South from T H Russell Charitable Trust. Trustee indemnity insurance of £84812020.. £8221 was paid during the year. T.H.Russell Trustee Limited is the sole trustee of the Charity. The Charity's assets are held by the company on trust for the Charity. 17-