Charity registration number 204340 T H RUSSELL CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 arrisons chartered accountants 4 Brackley Close Bournemouth International Airport Christchurch Dorsel BH23 6SE
T H RUSSELL CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustse T. H. Russell Trustee Limited MEMBERS OF THE TRUSTEE Mrs A Morris Mrs D Nomian Mrs L Ansell Mrs R McDemiott Miss J Arigho Mr M Steele Mrs V A Rowland Mrs G Longhursl Charty number 204340 Prlnclpal address Alexandra House Sl Johns Street Salisbury SP1 2SB Auditor Harrisons Chartered Accountants 4 Brackley Close Boumemoulh International Airport Christchurch Doisel BH23 6SE Bankers Nalwesl 11 High Street Ringwood Hants BH24 1BA Solicitors Isons Solicitors LLP Alexandra House Sl John's Street Salisbury Ilshire 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 2023 The trustee presents its annual report and financial statements for the year ended 31 October 2023. The financial slalements have been prepared in accordance with the accounting Policies sel out in note 1 to the financial statements and comply wlh 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 IFRS 1021 (effective 1 January 20191" Objectives and activities Objectives The objective of the Trust was to found, establish, equip and endow St. Ives House, Sl. 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 estsblished primarily for the benefit of elderfy people of the Parish of Ringwood in the County of Hanls and the Parish of Sl Leonards and Sl Ives, now in the County of Dorsel, bul formerfy in the County of Hants. Since the closure of Sl. Ives House in February 2015 the objectives of the charity have been expanded lo cover the provision of items, services or farylilies lo assist the elderly who require ¢are on aOUnt 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. Achlevements and perfomance In April 2015 a 125 year lease of land at st. Ives House was granted lo 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 elderfy as slipulaled in the objectives paragraph above. 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 wll be to existing charities, already working in the area, on local projects that benefit the ststed dass of beneficiaries. Throughout the year the country had experienced the 'cosl of living, crisis and a particularly cold winter, which had resulted in local authorities and ¢harilable bodies providing community fa¢ilities for people lo meet and share a meal. During the year grants were awarded to support such projects in Ringwood and St. Leonards. In addition, grants have been awarded lo a range of local charities. These indude clubs running activities for the elderly in Ringwood, improving facilities al Greyfriars, the local Community Centre in Ringwood and Hyde War Memorial Hall, and supporting Ghristmas activities at a local care home. Support has continued to b& givèn lo the local hospices in Christchurch, Salisbury and Poole, and to Marie Curie and Macmillan Cancer Support providing al home end of life care. Total payments to charities during the year were £92.075. Publlc 8eneflt In planning for the future the Members of the Trustee have considered the Charity Commission's guidance on Publi¢ 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 Trust and where there is a need, encourage local charities to apply for grants. Members of the Trustee attend the local Community NebNork Meetings to which all charities, local lo the Ringwood area, are invited lo attend and participate in, sharing informats.on about local needs and events.
T H RUSSELL CHARITABLE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 Financial review Reserves Mu¢h 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 yel to consider the level of liquid reserves to be retained in the future. Total amount of reserves held at 31 October 2023 was £6,435,966 of which £665,038 was unrestricted funds. The remainder relates lo the endowment fund as explained below. Total Returns Policy In May 2013 the Charity Commission gave an order lo enable the Trustees of the Charity to decide which part of the unapplied total retum from the assets of the Charity given to il on Trust for investment Icapilall should be held on Ttusl foi application lincomel for the putposes of the Charity. In November 2013 the Trustees determined the amount of the lolal retums policy lo be applied lo income by refence lo the dale upon which the Trustees began detailed consideration of the long tem future of Sl Ives House. The total value of the investments held in the endowment ftjnd at 31 October 2022 was £1,552,399. During the year the value of these assets has decreased by £3,438 to £1,548,963. The total amount of the endowment fund al 31 October 2023 was £5,770,928. Inv&$tmgnts 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 Ralhbones Ilncorporating Investec Wealth & Inveslmenll 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 Iruslee have continually appraised the Trust's exposu lo risk. All signifi¢anl risks to which the charity may be exposed are believed lo be manageable. Structure. govemance 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 lo the dale of signature of the financial statements were.. T. H. Russell Trustee Limited Isole Irusleel MEMBERS OF THE TRUSTEE. Mrs A Morris (Chairman) Mrs D Norman (Vice Chaimianl Mrs LAnsell Mrs R McDermott Miss J Arigho Mr M Steele Mrs V A Rowland Mrs G Longhursl 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 2023 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 its 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 circumstsnces. The trustee's report was approved by the Trustee. Mrs A Morris Member of the trustee Dated.. 15 March 2024
T H RUSSELL CHARITABLE TRUST STATEMENT OF TRUSTEE'S RESPONSIBILITIES FOR THE YEAR ENDED 31 OCTOBER 2023 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 Pradicel. 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 slate of affairs of the charity and of the incoming resources and application of resoLJr¢es of the charity for that year. In preparing these financial statements, the trustee is required to.. select suitable accounting policies and then apply them consistently", observe the methods and principles in the Charities SORP", make judgements and eslimales 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 slalements on the going concern basis unless il is inappropriate lo presume that the charity will continue in operation. The Iruslee is responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable il lo ensure that the financial statements ¢omply with the Charities Act 2011, the Charity (Accounts and Reportsl 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 slalements of T H Russell Charitsble Trust (the 'charity'l for the year ended 31 October 2023 which comprise the slalement of financial activities, the balance sheet and notes lo 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 Fiipancial Reporting Standard applicable in the UK and RepublK of Ireland (United Kingdom GenerallyAccepled Accounting Practice). In our opinion, the financial slatemenls.. give 8 true and fair view of the state of the ch8rity's affairs as al 31 October 2023 and of ils 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 accordance with International Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are ftjrther described in the Audilorts SponsIbl1rfAes for the audit of the finanoi81 statements sedion of our report. We are independent of the charity in accordance with the ethi¢al 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 ¥Mth these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial stalemenls, we have concluded that the Iruslee'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 casl significant doubt on Ihe charity's ability to continue as a going concern for a period of at least Melve rnonlhs from ¥Nhen the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustee with respect lo going concern are described in the relevant sections of this report. other inforniation The other information comprises the information included in the annual report other than the financial $18lements and our auditor's report Ihereon. The trustee is responsible for the other information contsined within the annual report. Our opinion on the financial stslemenls does not cover the other infomialion and we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent wth the financial statements or our knoedge 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 lo determine whether this gives rise to a material misstalemenl in the financial stslemenls themselves. If, based on the work we have performed, we conclude that there Is a material misstatement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Matters on whl¢h we are requlred to report by exceptlon 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 to YOU if, in our opinion.. the information given in the financial slalements is inconsislenl in any material respect with the Iruslee's report., or sufficient accounting records have not been kept., or the financial slalements 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 Responslbllltles of trustee As explained more fully in the statement of trustee's responsibilities, the trustee is responsible for the preparab'on 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 neSSary to enable the preparation of financial statements that are free from material misslalement, whether due lo fraud or error. In preparing the financial slalements, the trustee is responsible for assessing the charity's ability lo continue as a going concem, disclosing, as applicable, matters related lo going concern and using the going concem basis of accounting unless the trustee either intends lo cease operations, or has no realistic altemalive bul to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under se¢tion 145 of the Charities Act 2011 and report in accordan ¥Mth the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial slalements as a whole are free from material misstatement, whelher dLJe to fraud or error, and to iSSLJe an auditorfs 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 IUKI will always detect a material misslalement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or In the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slatemenls. The extent lo which our Procedures are capable of detecting irregularities, including fraud, is detailed below. As part of an audr( in accordance with ISAS IUKI, we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraLJd or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not detecting a material niisststemenl 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 internal control relevant lo the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiverEss of the charity's intemal 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 evidence 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 condude that a aterial uncertainty exists, we are required lo draw attention in our auditor's report to the related disclosures in the financial slalemenls or, If such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the dale of our auditor's report. However, future events or conditions may cause the charity lo cease lo continue as a going concem. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial slalements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and signific8nt audit findings, including any significant deficiencies in intem81 control that we identify during our audit. Use of our report This report is made solely lo the charity's trustee, as a body, in accordance wlh part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale lo the charity's trustee those mallers we are required lo slate lo it in an auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo 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 fomied.
T H RUSSELL CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEE OF T H RUSSELL CHARITABLE TRUST Harrisons 9 July 2024 Chartered Accountsnts statutory Auditor 4 Brackley Close Boumemoulh International Airport Christchurch Dorsel BH23 6SE
T H RUSSELL CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2023 Unrestricted Endowment funds fun(Is 2023 2023 Total Total 2023 2022 Notes Income and endowments from: Charitable activities Investment income other income 196,235 28 196.235 28 170,552 28 Totsl Income 196,283 196.263 170,580 enditure on- Charitable activities Charitable Expenditure 110,998 10,892 121,890 134,952 Total charitable expenditure 110,998 10,892 121,890 134,952 Net gainslllossesl on investments 13,6351 1,526,650 1,523,015 1223,4101 Net movement In funds 81,630 1,515,758 1,597.388 1187,7821 Fund balances al 1 November 2022 583,408 4,255,170 4,838,578 5,026,360 Fund balances at 31 October 2023 665,038 5,770,928 6,435,966 4,838,578 The ststemenl of financial activities includes all gains and losses recognised in the year. The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from Continuing activities.
T H RUSSELL CHARITABLE TRUST BALANCE SHEET ASAT31 OCTOBER 2023 2023 2022 Notes Flxed assets Tangible assets Investments 4,245,000 1,855,800 2,700,000 1,859,917 10 6,100,800 4,559,917 Current assets Debtors Cash at bank and in hand 10,014 353,610 5,948 296,096 363,624 302,044 Creditors: amounts falllng dug wlthln ona year 128.4581 123,3831 Net current assets 335.166 278,861 Totsl assets less current liabilities 6,435,966 4,838,578 Funds of the charlty Endowment funds Unrestricted funds 14 5,770,928 665,038 4,255,170 583,408 6,435,966 4,838,578 The financial stslemenls were approved by the Trustee on 15 March 2024 Mrs A Moiris Member of the Trustee
T H RUSSELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Accounting policies Charity inforniation The charity is a public benefit entty and a registered charity in England and Wales and is unincorporated. 1.1 Accounting convention The financial statements have been prepared in ac¢ordan¢e with the charity's goveming document, the Charities Act 2011 and 'A¢counting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance ¥Mth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191" 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 lo prepare a Slalement of Cash Flows. The financial statements are prepared In sleding, which Is the functional currency of the charity. Monetary amounts in these financial stslemenls are rounded lo 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 sel out below. 1.2 Going ¢on¢em Al the time of approving the financial ststemenls, the trustee has a reasonable expectation that the charity has adequate resources to continue in operational existen 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 al the discretion of the trustee in furtherance of ils charitable objectives. Reslricled fvnds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes lo the financial slalements. Endowment funds are subject to specific conditions by donors that the capitsl musl be maintained by the charity. Al proedS on the sale of Pemianent Endowment assets are treated as capital receipts and are taken direcly to the Pemianent 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 lo il 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 condfcions require deferral of the amount. Income lax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the lime 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. 10-
T H RUSSELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 OCTOBER 2023 Accountlng pollcles Icontlnuedl 1.5 Expendltu Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure indudes any VAT which cannot be fully recovered, and is classified under headings Df the statement of financial activities lo which il relates.. expendf(ure on charitable activities Includes all costs incurred by a charity In undertaking activities that further its charitsble aims for the benefit of ils beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable aclivilies. other expenditure includes all expenditure that is neither related to raising fLJnds for the charity nor part of its expenditure on charitable activities. I costs are allocated to expenditure categories reflecting the use of the resour. Direct costs attributable lo a single activity are allocated directly lo that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consislenl basis. 1.6 Tanglble flxed assets Tangible fixed assets are initially measured at cost. Fixed assets carried al revalued amounts are recorded al fair value at the dale 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 depreaated The freehold property has not en depreciated as the property is maintained to a standard appropriate lo Its purpose. Any depreciation arising would be Immaterial. The propety is valued 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 determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial ath'vib'es. 1.7 Fixed asset investments Fixed asset investments are initially measured al transaction price excluding transaction costs. and are subsequently measured at fair value al each reporting date. Changes in fair value are recognised in nel incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.8 Impairment of fixed assets Al each reporting end date, the charity reviews the carrying amounts of ils tangible assets to detemiine whether there is any indication that those assets have suffered an impaimienl loss. If any such indication exists. the recoverable amount ol the asset is estimated in order to determine the extent of the impaimient loss lif any). 1.9 Financial instruments Financial liabilities and equity instruments are dassified according lo the subslan¢e 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 lo United Kingdom income and capital taxes.
T H RUSSELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 OCTOBER 2023 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 sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual resu115 Tnay differ from these eslimales. The estimates and underlying 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 ftjture periods where the revision affects both current and future periods. In¢omg from Invgstmonts Unrestrlcted Unrestrlcted funds funds 2023 2022 Rentsl income Income from listed investments Interest receivable 125,000 66,624 4,611 125.000 45,124 428 196,235 170,552 Other Income Unrestricted Unrestricted funds funds 2023 2022 Olhei income 28 28 12-
T H RUSSELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 OCTOBER 2023 Expenditure on charitable activities Charitable activities 2023 Charitable activities 2022 Direct Costs Resident funding and grants payable 92,075 103,056 Share of support and governance costs (see not& 6 Governance 29,815 31,896 121,890 134,952 Analysis by fund Unrestricted funds Endowment funds 110,998 10,892 120,264 14,688 121,890 134,952 The charitable activities costs above relate to grants Tnade lo charitable institutions. These charitable institutions undertake activities or projects which provide support lo the elderly, which is congruent wlh the objectives of the charity. Support costs Support Governance Costs ¢o$l$ 2023Support costs Governan costs 2022 Charf(able activity costs 557 557 Legal and professional Olhei governance costs 21,678 8,137 21,878 8,137 23,249 8,090 23,249 8,090 29,815 29,815 31,896 31,896 Analysed beeen Charrtable activits.es 29,815 29,815 31,896 31,896 Governance costs includes payments lo the audf(ors of £1,93012022- £1,930) for audit fees. Trustee None of the merllbers of the trustee lor any persons connected with Iherlll received 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 2023 8 Net gainslllossesl on investments Unrestricted Endovmient funds funds 2023 2023 Total Unreslricled Endowment funds funds 2022 2022 Total 2023 2022 Revaluation of investments Gainlllossl on sale of investments Revaluation of investment properties Gainlllossl on sale of investment properties 14,910} {24,7861 129,6961 157,8351 {291,9571 1349,7921 1.275 6,436 7,711 17911 13,9941 14,7851 1,545,000 1,545,000 131,187 131,167 13.6351 1,526,650 1,523,015 158,6261 1164,7841 1223,4101 Tanglble flxgd assets Freehold land and bulldln98 Cost Al 1 November 2022 Revaluation 2,700,000 1,545,000 Al 31 October 2023 4,245,000 Carrying amount Al 31 October 2023 4,245,000 Al 31 October 2022 2,700,000 The freehold land was valued as an investment propety based upon the terms of the lease by Vail Imlliams LLP, Chartered Surveyors. as at 25 August 2023 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 2023 10 Fixed asset investments Unllsted Investments Cost or valuation At 1 November 2022 Additions Valuation changes Disposal proceeds 1,859,917 361,742 121,9851 1343,8741 Al 31 October 2023 1,855,800 Carrylng amount At 31 October 2023 1,855,800 Al 31 October 2022 1,859,917 Fixed a55et investments revalued Al investments are carried at their fair in accordance with the Charities SORP IFRS 1021. Investments in equities and fixed interest securities are all traded in quoted public rnarkets. 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 2023 2022 Carrylng amount of financlal assets Instruments measured at fair value through income and expenditure 1,855,800 1,859,917 12 Debtors 2023 2022 Amounts falling due within one year: Other debtors 10,014 5,948 13 Creditors: amounts falling due within one year 2023 2022 Other creditors Accruals and deferred income 5,000 23,458 23,383 28.458 23,383 15-
T H RUSSELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 OCTOBER 2023 14 Endowment funds 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 unreslricled income. Any capitsl gains or losses arising on the assets form part of the fund. Movement in funds Incoming Resources resource5 expended Balance at 1 November 2022 Gains and 1055es Balance at 31 October 2023 Permanent endowments Permanent Endowment Fund 4,255,170 {10,8921 1,526,650 5,770,928 4,255,170 110,8921 1,526,650 5,770,928 Movement in funds Incoming Resources resource5 expended Balance at 1 November 2021 Gains and 1055e5 Balance at 31 October 2022 Permanent endowments Permanent Endowment Fund 4,434,642 114,6881 1164,7841 4,255,170 4,434,642 (14,6881 1164,7841 4,255,170 15 Unrestricted funds The funds of the charity include the followng unrestricted funds.. Movement in funds Incoming Resources resources expended Balance at 1 November 2022 Gains and loss8s Balance at 31 Octob8r 2023 General Funds 583,408 198,263 1110,998) 13,6351 665,038 583,408 196,263 1110.9981 13,6351 665,038 Movemgnt In fund$ Incomlng Resources resources exp8nded Balanc8 at 1 Nov8mb8r 2021 Galn8 and loss8s Balanc8 at 31 Octob8r 2022 General Funds 591,718 170,580 1120.2641 158,6261 583,408 591,718 170,580 1120,2641 158,6261 583,408 16-
T H RUSSELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 OCTOBER 2023 16 Anatysis of net assets between funds Unrestrlcted Endowment funds funds 2023 2023 Total Unrestricted Endowment funds ftjnds 2022 2022 Total 2023 2022 Fund balances at 31 October 2023 are represented by.. Tangible as5etS Investments Current asselsllliabilitiesl 4,245,000 4,245,000 1,548,963 1,855,800 123,0351 335,166 2,700,000 2,700,000 1,552,399 1,859,917 2,771 278,661 306,837 358,201 307,518 275,890 665,038 5.770,928 6,435.966 583.408 4,255,170 4,838,578 17 Operatlng lease commltments Lessor Al the reporting end dale the charity had contracted wth tenants for the following minimum lease payments.. 2023 2022 Within one year BebNeen two and five years In over five years 125,000 500,000 13,927,083 125,000 500,000 14,052,083 14,552,083 14,677,083 This discloses the total rent amounts receivable over the period of the Care South lease which expires in 2140. 17-
T H RUSSELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 OCTOBER 2023 18 Related party transactions Transactions with related parties During the year the charity entered into the followng transactions with related parties.. Mrs L Ansell, a member of the trustee, was appointed as a dire¢tor 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. Mrs L Ansell resigned as a director of Care South on 14 December 2022. During the year rental income lotalling £125,00012022'. £125,000) was due from Care South to the charty. Miss J Arigho, 8 member of the Iruslee, is also a Iruslee of Hyde War Memorial Hall. During the year grants lotslling £3,50512022". £nill were paid to Hyde War Memorial Hall. Trustee indemnity insurance of £86512022. £8521 was paid during the year. T.H.RLJssell Trustee Limited is the sole trustee of the Charity. The Charity's assets are held by the company on trust for the Charity. 18-