OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-10-31-accounts

Charity registration number 204340

T H RUSSELL CHARITABLE TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

4 Brackley 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 (Appointed 22 January 2022)
Mrs G Longhurst (Appointed 14 October 2022)
Charity number 204340
Principal address Alexandra House
St Johns Street
Salisbury
SP1 2SB
Auditor Harrisons Chartered Accountants
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
Bankers NatWest
11 High Street
Ringwood
Hants
BH24 1BA
Solicitors Wilsons Solicitors LLP
Alexandra House
St John's Street
Salisbury
Wiltshire
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 - 18

T H RUSSELL CHARITABLE TRUST

TRUSTEE'S REPORT

FOR THE YEAR ENDED 31 OCTOBER 2022

The trustee presents its annual report and financial statements for the year ended 31 October 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

Objectives

The objective of the Trust was to found, establish, equip and endow St. Ives House, St. Ives as a care home for elderly persons and to use income from the permanent endowment towards the upkeep and maintenance of the hostel. The charity was established primarily for the benefit of elderly people of the Parish of Ringwood in the County of Hants and the Parish of St Leonards and St Ives, now in the County of Dorset, but formerly in the County of Hants.

Since the closure of St. 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 elderly who require care on account of age or disability.

The trustee has paid due regard to 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 site 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 objectives 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 financial year one former resident has been supported, for part of the year up to the time of her death in April 2022.

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 and many of the activities that had previously been awarded Grants were only just beginning to restart after a significant period of inactivity.

During the year Grants have been awarded to a range of local charities. These include clubs running activities for the elderly in Ringwood, supporting at home care in Ringwood, providing a Warm Space in St. Leonards and for refurbishment work at Greyfriars, the local community centre in Ringwood.

In addition support has continued to be given to the local hospices in Christchurch, Salisbury and Poole, and to Marie Curie and Macmillan Cancer Support providing at home end of life care.

Total payments to charities during the year were £103,056.

Public Benefit

In planning for the future the Members of the Trustee have considered the Charity Commission's guidance on Public Benefit, including 'Public Benefit: Running a Charity (PB2)'. 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 Trust and where there is a need, encourage local charities to apply for grants. Members of the Trustee attend the local Community Network Meetings to which all charities, local to the Ringwood area, are invited to 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 2022

Financial review

Reserves

Much of the reserves of the charity are invested in its land and its investments. Given the change in the nature of the trust's activities the members of the trustee have yet to consider the level of liquid reserves to be retained in the future. Total amount of reserves held at 31 October 2022 was £4,838,578 of which £583,408 was unrestricted funds. The remainder relates to the endowment fund as explained below.

Total Returns Policy

In May 2013 the Charity Commission gave an order to enable the Trustees of the Charity to decide which part of the unapplied total return from the assets of the Charity given to it on Trust for investment (capital) should be held on Trust for application (income) for the purposes of the Charity. In November 2013 the Trustees determined the amount of the total returns policy to be applied to income by reference to the date upon which the Trustees began detailed consideration of the long term future of St Ives House.

The total value of the investments held in the endowment fund at 31 October 2021 was £1,743,529. During the year the value of these assets has decreased by £191,130 to £1,552,399. The total amount of the endowment fund at 31 October 2022 was £4,255,170.

Investments

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 Investec Wealth & Investment concerning the Trust's investment portfolio. The members review on a regular basis the investment strategy in line with advice from their brokers.

Major risks

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 trust.

The members of the trustee who served during the year and up to the date of signature of the financial statements were:

T. H. Russell Trustee Limited (sole trustee)

MEMBERS OF THE TRUSTEE: Mrs A Morris (Chairman) Mrs D Norman (Vice Chairman) Mrs L Ansell Mrs R McDermott Miss J Arigho Mr M Steele Mrs V A Rowland (appointed 22 January 2022) Mrs G Longhurst (appointed 14 October 2022)

T. H. Russell Trustee Limited holds the title to 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 2022

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. At its Annual General Meeting the members elect a Chairman and Deputy Chairman for the coming year.

The policies adopted to achieve the trust objectives have evolved with changing circumstances.

The trustee's report was approved by the Trustee.

Mrs A Morris

Member of the trustee Dated: 24 March 2023

T H RUSSELL CHARITABLE TRUST

STATEMENT OF TRUSTEE'S RESPONSIBILITIES

FOR THE YEAR ENDED 31 OCTOBER 2022

The trustee is responsible for preparing the Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustee to prepare financial statements for each financial 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 year.

In preparing these financial statements, the trustee is required to:

The trustee is responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable it to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. It 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 (the ‘charity’) for the year ended 31 October 2022 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 Auditor's 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 trustee's 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 trustee with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustee is responsible for the other information contained 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 thereon. 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 course of 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

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

T H RUSSELL CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEE OF T H RUSSELL CHARITABLE TRUST

Responsibilities of trustee

As explained more fully in the statement of trustee's responsibilities, the trustee 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 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 trustee is 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 trustee either intends to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 thereunder.

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 an auditor's report 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope 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 matters we are required to state 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Harrisons

24 March 2023

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 2022

Unrestricted Endowment
funds
funds
2022
2022
Notes
£
£
Income and endowments from:
Charitable activities
Investment income
3
170,552
-
Other income
4
28
-
Total income
170,580
-
Expenditure on:
Charitable activities
Charitable Expenditure
5
120,264
14,688
Total charitable expenditure
120,264
14,688
Net gains/(losses) on investments
8
(58,626)
(164,784)
Net (outgoing)/incoming resources
(8,310)
(179,472)
Other recognised gains and losses
Revaluation of tangible fixed assets
-
-
Net movement in funds
(8,310)
(179,472)
Fund balances at 1 November 2021
591,718
4,434,642
Fund balances at 31 October 2022
583,408
4,255,170		 Total
2022
£
170,552
28
170,580
134,952
134,952
(223,410)
(187,782)
-
(187,782)
5,026,360
4,838,578		 Total
2021
£
154,615
28
154,643
190,630
190,630
354,740
318,753
28,000
346,753
4,679,607
5,026,360

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

T H RUSSELL CHARITABLE TRUST

BALANCE SHEET

AS AT 31 OCTOBER 2022

Notes
Fixed assets
Tangible assets
9
Investments
10
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Funds of the charity
Endowment funds
14
Unrestricted funds		 2022
£
£
2,700,000
1,859,917
4,559,917
5,948
296,096
302,044
(23,383)
278,661
4,838,578
4,255,170
583,408
4,838,578		 2021
£
£
2,800,000
2,088,909
4,888,909
5,356
163,825
169,181
(31,730)
137,451
5,026,360
4,434,642
591,718
5,026,360		 2021
£
£
2,800,000
2,088,909
4,888,909
5,356
163,825
169,181
(31,730)
137,451
5,026,360
4,434,642
591,718
5,026,360
4,888,909
137,451
5,026,360
4,434,642
591,718
5,026,360

The financial statements were approved by the Trustee on 24 March 2023

Mrs A Morris Member of the Trustee

T H RUSSELL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

1 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 convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity 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 Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustee has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustee continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustee in furtherance of its charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific 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 to the Permanent Endowment fund.

Income arising on Permanent Endowment investments is treated as general income of the trust.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income 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 tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised 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 receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

T H RUSSELL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

1 Accounting policies

(Continued)

1.5 Expenditure

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to 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 at cost. Fixed assets carried at revalued amounts are recorded at fair value at 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 property has not been depreciated as the property is maintained to a standard appropriate to its purpose. Any depreciation arising would be immaterial. The property is revalued every five years, with the surplus or deficit being transferred to the endowment fund.

The gain or loss arising on the disposal of an asset is determined 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 investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if 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 its liabilities.

1.10 Taxation

The trust is a registered charity and any surplus arising on the charitable activities is therefore not liable to United Kingdom income and capital taxes.

T H RUSSELL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustee is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates 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 underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates 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 current and future periods.

3 Investment income

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Rental income 125,000 125,000
Income from listed investments 45,124 29,604
Interest receivable 428 11
170,552 154,615

4 Other income

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Other income 28 28

T H RUSSELL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

5 Charitable activities

Charitable
Charitable
Expenditure
Expenditure
2022 2021
£ £
Resident funding and grants payable 103,056 144,898
Share of support costs (see note 6) - 13,744
Share of governance costs (see note 6) 31,896 31,988
134,952 190,630
Analysis by fund
Unrestricted funds 120,264 175,902
Endowment funds 14,688 14,728
134,952 190,630

The charitable activities costs above relate to grants made to charitable institutions. These charitable institutions undertake activities or projects which provide support to the elderly, which is congruent with the objectives of the charity.

6 Support costs

Charitable activity costs
Legal and professional
Other governance costs
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
-
557
-
23,249
-
8,090
-
31,896
-
31,896		 2022Support costs Governance
costs
£
£
£
557
13,744
-
23,249
-
24,439
8,090
-
7,549
31,896
13,744
31,988
31,896
13,744
31,988		 2021
£
13,744
24,439
7,549
45,732
45,732

Governance costs includes payments to the auditors of £1,930 (2021- £1,480) for audit fees.

7 Trustee

None of the members of the trustee (or any persons connected with them) received any remuneration or benefits from the charity during the year.

T H RUSSELL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

8 Net gains/(losses) on investments

Unrestricted Endowment
funds
funds
2022
2022
£
£
Revaluation of investments
(57,835)
(291,957)
Gain/(loss) on sale of
investments
(791)
(3,994)
Gain/(loss) on sale of
investment properties
-
131,167
(58,626)
(164,784)		 Total Unrestricted
Endowment
funds
funds
2022
2021
2021
£
£
£
(349,792)
56,760
286,535
(4,785)
1,892
9,553
131,167
-
-
(223,410)
58,652
296,088		 Total
2021
£
343,295
11,445
-
354,740

9 Tangible fixed assets

Tangible fixed assets
Freehold land and buildings
£
Cost
At 1 November 2021 2,800,000
Disposals (100,000)
At 31 October 2022 2,700,000
Carrying amount
At 31 October 2022 2,700,000
At 31 October 2021 2,800,000

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.

T H RUSSELL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2022

10 Fixed asset investments

Unlisted
investments
£
Cost or valuation
At 1 November 2021 2,088,909
Additions 606,806
Valuation changes (354,577)
Disposal proceeds (481,221)
At 31 October 2022 1,859,917
Carrying amount
At 31 October 2022 1,859,917
At 31 October 2021 2,088,909

Fixed asset investments revalued

All investments are carried at their fair in accordance with the Charities SORP (FRS 102). Investments in equities and fixed interest securities are all traded in quoted public markets. The basis of fair value for quoted investments is equivalent to the market value, using mid market prices from the appropriate Stock Exchange.

11
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
12
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
13
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 2022
£
1,859,917
2022
£
5,948
-
5,948
2022
£
-
23,383
23,383		 2021
£
2,088,909
2021
£
3,876
1,480
5,356
2021
£
7,707
24,023
31,730

T H RUSSELL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

14 Endowment funds

Endowment funds represent assets which must 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.

Balance at
1 November
2021
£
Permanent endowments
Permanent Endowment Fund
4,434,642
4,434,642
Balance at
1 November
2020
£
Permanent endowments
Permanent Endowment Fund
4,125,282
4,125,282		 Movement in funds
Incoming
resources
Resources
expended
Revaluations
gains and
losses

£
£
£
-
(14,688)
(164,784)
-
(14,688)
(164,784)
Movement in funds
Incoming
resources
Resources
expended
Revaluations
gains and
losses

£
£
£
-
(14,728)
324,088
-
(14,728)
324,088		 Balance at
31 October
2022
£
4,255,170
4,255,170
Balance at
31 October
2021
£
4,434,642
4,434,642

15 Unrestricted funds

The funds of the charity include the following unrestricted funds:

Balance at
1 November
2021
£
General Funds
591,718
591,718
Balance at
1 November
2020
£
General Funds
554,325
554,325		 Movement in funds
Incoming
resources
Resources
expended
Revaluations,
gains and
losses

£
£
£
170,580
(120,264)
(58,626)
170,580
(120,264)
(58,626)
Movement in funds
Incoming
resources
Resources
expended
Revaluations,
gains and
losses

£
£
£
154,643
(175,902)
58,652
154,643
(175,902)
58,652		 Balance at
31 October
2022
£
583,408
583,408
Balance at
31 October
2021
£
591,718
591,718

T H RUSSELL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

16 Analysis of net assets between funds

Unrestricted
funds
Endowment
funds
2022
2022
£
£
Fund balances at 31 October 2022 are
represented by:
Tangible assets
-
2,700,000
Investments
307,518
1,552,399
Current assets/(liabilities)
275,890
2,771
583,408
4,255,170		 Total
Unrestricted
funds
Endowment
funds
2022
2021
2021
£
£
£
2,700,000
-
2,800,000
1,859,917
345,380
1,743,529
278,661
246,338
(108,887)
4,838,578
591,718
4,434,642		 Total
2021
£
2,800,000
2,088,909
137,451
5,026,360

17 Operating lease commitments Lessor

At the reporting end date the charity had contracted with tenants for the following minimum lease payments:

Within one year
Between two and five years
In over five years		 2022
£
125,000
500,000
14,052,083
14,677,083		 2021
£
125,000
500,000
14,177,083
14,802,083

This discloses the total rent amounts receivable over the period of the Care South lease which expires in 2140.

T H RUSSELL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022

18 Related party transactions

Transactions 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 Wilsons Solicitors until January 2022. Prior to this date Wilsons Solicitors charged the Charity £nil (2021: £1,299) in respect of professional charges.

Mrs L Ansell, a member of the trustee, 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 totalling £125,000 (2021: £125,000) was due from Care South to the charity. Mrs L Ansell resigned as a director of Care South on 14 December 2022.

During the year grants totalling £nil (2021: £4,515) were paid to Care South from T H Russell Charitable Trust.

Trustee indemnity insurance of £852 (2021: £848) 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.