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 a￿OUnt 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 refe￿nce 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 kno￿edge 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 ne￿SSary 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 pro￿edS 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 be￿een
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-